Justify your position on the issue/topic by preparing an essay Surging costs for pretty much everything from gas, through food and housing, have beenreflected in the U.S. consumer inflation which spiked to close to 9% in June 2022(measured by CPI, the highest since 1980s!) and although showing a decreasing trend now,as of January 2023, it remains high on 6.3%. a) First, what caused the spike in the inflation rate in the recent years?

b) Second, what advice would you give to President Joe Biden (fiscal policy) and thechairman of the Federal Reserve Jerome Powell (monetary policy) concerning inappropriate economic policy for reducing the inflation rate?