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As a result, the yearly rate of inflation peaked at 14.8% in 1980 as it hit the second highest level on record. This time around, the Fed slashed short-term interest rates to near zero and pumped trillions of dollars into the economy through a still-controversial tool known as quantitative easing.Dec 29, 2021

High U.S. inflation hearkens back to the 1980s - MarketWatch

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I can remember worrying about this in March 1980 when I remarried because I now had not only my 5 year old son to take care of but now a new wife and two step kids too.

So, we decided to buy remote land with a spring on it and to build an A-Frame ourselves (with my father's and several friends help as well which we did fairly quickly during one summer and fall in 1980. So, by the next snows (we were at 4000 feet altitude) we had a warm house with a wood burning stove and an antique wood cook stove for baking casseroles and potatoes and pies and cakes etc.

Then we bought food in bulk through a Food Co-op in the area and then bought perishables through local markets as needed. All these things saved a lot of money and allowed us to take care of our kids and survive financially those times as a young family.

Here is the inflation rate now which is about 1/2 of what it was then.

Then the primary cause was the U.S. nearing bankruptcy from the excesses of the Viet Nam war. Luckily, Europe and Japan loaned the U.S. money so we didn't go bankrupt then. Also, Gasoline was about 5 times as expensive in 1980 than it was in 1969. This harmed everyone on earth a lot at that time.

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The annual inflation rate for the United States is 7.9% for the 12 months ended February 2022 — the highest since January 1982 and after rising 7.5% previously, according to U.S. Labor Department data published March 10. The next inflation update is scheduled for release on April 12 at 8:30 a.m. ET.