Echoes of the Great Inflation in today's price hikes

Have the 1970s made a comeback?

The question is prompted by surging inflation rates and the hardship they cause. Inflation rose to 9.1% in June, according to the consumer price index. The Federal Reserve has a target inflation rate of 2%. The big miss on inflation is bad news for the public.

Unless incomes and wages rise more than inflation, the public is worse off and forced to make tough decisions within households. Unexpected and rising inflation acts as a tax on household budgets, reduces well-being, and disproportionately harms those with lower incomes.