Higher Inflation Has Arrived, But Economy Unlikely to Reach 1970s Levels, Report Says

While rapidly increasing consumer prices have triggered fears that the U.S. economy may enter into a period of stagflation, it is unlikely to hit 1970s levels, an economic report concluded.

The current condition of the U.S. economy has created some fear that prices may precipitously and uncontrollably rise while unemployment stays elevated, according to the report authored by Heritage Foundation Center for Data Analysis Director Norbert Michel. But an analysis of inflation and employment data suggests Americans don’t need to overreact.

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