Inflation in the US has reached the highest level since 1981, prompting flashbacks to an era in which President Ronald Reagan had just taken office on a campaign vow to rein in soaring prices.
The Labor Department said on Tuesday that the consumer price index increased 8.5 percent in March from a year ago, the highest inflation level since December 1981.
At the end of 1981, the annual inflation rate of 8.9 percent actually represented good news for consumers -- at that time, it was the lowest inflation figure since 1977, following increases of 13.3 percent and 12.4 percent in 1979 and 1980.
Still, consumers in 1981 had to cope with painful cost of living increases, including groceries rising 4.3 percent on the year, residential rent jumping 8.5 percent, and energy rising 11.9 percent.
In comparison, modern Americans saw their grocery bill jump 10 percent in March from a year ago, while rent rose 4.4 percent and energy soared 32 percent.
And when it comes to gasoline prices, the modern consumer is surely worse off, after gas jumped 49 percent in March from a year ago, hitting an all-time high of $4.33 on March 11.
Back in 1981, gas rose just 10 percent on the year, to $1.31 per gallon.
Reagan took office in 1981 with a plan to tackle inflation. The controversial plan spurred a brief but serious recession, but ultimately worked and the economy bounced back
The 'Great Inflation' period from 1965 to 1982 was marked by soaring inflation that topped 14 percent by 1980 and began to decline the following year
under the scarlet sky movie release consumer price index increased 8.5% in March from a year ago, a 41-year high