If the 1970s were the decade of the Great Inflation, 2022 was the year of the Little Inflation. It was worse than many people expected, including me. But as the year ends, inflation is dwindling, and economic experts are starting to pay more attention to another indicator, the unemployment rate, in anticipation of a recession this spring. If that comes to pass, we’ll all look back nostalgically at the Little Inflation.I don’t mean to minimize the inflation of the past year. My own moment of revelation came in November when I purchased a tall skim latte at Starbucks, glanced at the bill, and resolved to brew my own coffee for the rest of my life. But by then the Consumer Price Index (CPI) was
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