US inflation is racing much closer to its 1980 high, according to a new analysis of historical pricing data,
implying that the Federal Reserve's mission of restoring price hikes to goal is equivalent in scope to that of then-Chair Paul Volcker.
A group of economists led by former Treasury Secretary Lawrence Summers reconstructed past consumer
price index values to reflect modern-day purchasing patterns, particularly in housing.
After modifications, the numbers indicated that core inflation was 9.1 percent in June 1980,
compared to the reported peak of 13.6 percent, according to the article by economists Marijn A. Bolhuis, Judd N. L. Cramer, and Summers.