2. Click here to see the inflation rate as measured by the CPI, since 1948. https://fred.stlouisfed.org/graph/? g QWCC . What is the inflation rate in May 2022? . Put today's inflation rate in historical context. . Distinguish between the overall price level (as measured by a price index, such as the CPI), inflation (the rate of increase in the overall level of prices), disinflation (a decline in the inflation rate; the overall price level is still rising, but a slower rate) and deflation (a negative inflation rate; the overall level of price is falling). o What does it mean if the inflation rate rises from 0.24% in May 2020 to 8.5% in May 2022? Explain. o What does it mean if the inflation rate falls from 5.5% in July 2008 to 1.1% in November 2008? Explain. o What does it mean if the inflation rate is -1.96% in July 2009 (or anytime the inflation rate is negative)? Explain