Surging costs for pretty much everything from gas, through food and housing, have been reflected 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 still remains high on 6.3%.

In your persuasive essay, please explain:

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 the chairman of the Federal Reserve Jerome Powell (monetary policy) concerning an appropriate economic policy for reducing the inflation rate?