QuestionWhat’s the inflation rate of the U.S in the past 3 years? Is it good or bad? Why or why not? Please cite your references
Step-by-stepAccording to the Bureau of Labor Statistics (BLS), the inflation rate of the United States for the past three years, from September 2018 to September 2021, is as follows: September 2018: 2.3% September 2019: 1.7% September 2020: 1.4% September 2021: 5.4% As you can see, the inflation rate of the United States has been relatively low for the past three years until September 2021, where it has increased significantly. Regarding whether it is good or bad, it depends on the perspective. Moderate inflation can be healthy for an economy because it encourages spending, investment, and growth. However, high inflation can lead to economic instability, reduced purchasing power, and higher costs of living. The 5.4% inflation rate recorded in September 2021 is higher than the Federal Reserve's target of 2% and reflects the economic challenges caused by the COVID-19 pandemic. The Federal Reserve has stated that it expects the current inflation rate to be transitory and will gradually decline as the economy recovers. U.S. inflation rate for 2021 was 4.70%, a 3.46% increase from 2020. U.S. inflation rate for 2020 was 1.23%, a 0.58% decline from 2019. U.S. inflation rate for 2019 was 1.81%, a 0.63% decline from 2018. U.S. inflation rate for 2018 was 2.44%, a 0.31% increase from 2017. While high inflation is generally considered harmful, some economists believe that a small amount of inflation can help drive economic growth. The opposite of inflation is deflation, a situation where prices tend to decline. The Federal Reserve targets a 2% inflation rate, based on the Consumer Price Index The Inflation Rate Of The United States Discussion Paper
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