Question

What has been a typical range of inflation in the

U.S. economy in the last decade or so?

Short answer

Between 2 to 4 percent.

Step-by-step solution

Step 1. Definition

Inflation is the rate at which prices increase over a period of time. Inflation is a broad measure, such as the increase in prices or the increase in the cost of living in a country.

Step 2. 

Every country that keeps a check on its inflation has fixed a rate which is under various economists and statisticians. In the US this is generally 2% to 4%.

In 2009, the inflation rate was 2.7%, which increased to 3% in 2011. In the year 2016, the rate fell to 2.1%.