For anyone who grew up in the Clinton, Bush or Obama eras, inflation was a chapter in an economics textbook, a quaint piece of history from the Carter years. And then, in the second half of 2021, the consumer price index (CPI) took off. The 12-month inflation rate peaked in June 2022 at 9.1 percent, the highest figure recorded since 1981. Here are five ways inflation has shaped the nation’s economy — and will affect the year to come. Soaring interest rates First and foremost, the specter of double-digit inflation triggered a historic rise in interest rates, the dominant economic narrative of 2022. Federal regulators raised rates to slow inflation. Now, both forces are buff
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