Consider the graph below of the US consumer-price index, 12-month change. Note, the shared bands capture periods with official NBER-declared recessions.

U.S. consumer-price index, 12-month change Great Depression Post-WWII Great Inflation Great Moderation (1929-41) expansion (1965-82) (1982-2007) 25% RECESSION 20 15 10 5 -5 -10 -15 1915 '20 '25 30 '35 '40 '45 50 '55 '60 '65 70 75 80 85 90 '95 2000 '05 10 '15 20 Sources: Labor Department, Federal Reserve History (www.federalreservehistory.org)