The three recent articles below discuss "Why Do Prices Keep Going Up and What's the Cause of Inflation?

a) What is meant by the term inflation? How is inflation measured in the U. S. economy? What is the Federal Reserve Bank's (FED) target for inflation? What was the percentage increase in consumer price index (CPI) between October2021 and October 2022? What was the inflation rate in the goods sector during the pandemic? What is it now? What was the inflation rate in the service sector during the pandemic? What is it now? Explain what accounts for these differences in inflation.

b) Identify at least 3 supply side factors that are causing inflation. Identify at least 3 demand side factors that are causing inflation. Show the impact these supply and demand shifts in an aggregate demand-aggregate supply graph. Explain why the current inflation "defies the old models."