![]() ![]() ![]() The OECD collects a wide range of data about its members, facilitating cross-national comparisons. The Center relied primarily on data from the Organization for Economic Cooperation and Development (OECD), most of whose 38 member states are highly developed democracies. An earlier version of this post was published in November 2021. experience with those of other countries, especially its peers in the developed world. With inflation in the United States running at its highest levels in some four decades, Pew Research Center decided to compare the U.S. Other inflation metrics also have shown significant increases over the past year or so, though not quite to the same extent as the CPI. According to the latest report from the Bureau of Labor Statistics, the annual inflation rate in May was 8.6%, its highest level since 1981, as measured by the consumer price index. ![]() Now, with the inflation rate higher than it’s been since the early 1980s, Biden administration officials acknowledge that they missed their call. A year later, with unemployment falling and the inflation rate rising, many of those same policymakers insisted that the price hikes were “transitory” – a consequence of snarled supply chains, labor shortages and other issues that would right themselves sooner rather than later. economy out of a pandemic-induced recession, inflation seemed like an afterthought. Two years ago, with millions of people out of work and central bankers and politicians striving to lift the U.S. Produce prices are displayed at a grocery store on June 10, 2022, in New York City. ![]()
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