The New York TimesThe New York Times

The Year of Inflation Infamy

By Paul Krugman

16 Dec 2021 · 12 min read

I will always associate inflation with the taste of Hamburger Helper.

In the summer of 1973 I shared an apartment with several other college students. We didn’t have much money, and the cost of living was soaring. By 1974 the overall inflation rate would hit 12%, and some goods had already seen big price increases. Ground beef, in particular, was 49% more expensive in August 1973 than it had been two years earlier. So we tried to stretch it.

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