Word: inflationitis
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The world will need more than divine intervention to end the food crisis that has ripped across the planet during the past few months. Prices for almost every staple food - rice, wheat, maize, sugar, milk - are soaring at rates of inflation not seen on such a global scale in a...
Government agricultural policies have always been tailored to the times. Many wealthier countries - notably the U.S. and members of the European Union - have for years propped up their agricultural industries with generous subsidies and trade barriers; this has skewed the real price of food on international markets and stunted farming...
1. Inflation is calculated as the percent change from four quarters earlier in the price index for personal consumption expenditures (PCE), published by the U.S. Department of Commerce.
Orphanides, Athanasios (2003). "The Quest for Prosperity Without Inflation," Leaving the Board Journal of Monetary Economics, vol. 50 (April), pp. 633-63.
4. Total PCE inflation (four-quarter change) went from 5 percent in 1973:Q2 to 11.4 percent in 1974:Q4, an increase of 6.4 percentage points. If we take 1972:Q4, in which inflation was 3.4 percent, as the starting point, the increase in inflation to the 1974 peak was...