7

Utilize the Chapter 16 textbook reading, which describes inflation and how it is measured, as well as the FRED graph "Consumer Price Index: Total All Items for the United States," provided in the topic Resources to discuss the following:

• How does today's inflation rate compare to previous years?
• Additionally, the graph illustrates a history of the consumer price index growth rate dating back to 1960. Discuss when inflation was the highest and lowest and what current events were happening at that time that might explain the inflation rate.
• The gray bars in the graph indicate times of recession. Describe what happened to the consumer price index growth rate right before and during each recession