how do high prises affect the country?
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When prices for energy, food, commodities, and other goods and services rise, the entire economy is affected. Rising prices, known as inflation, impact the cost of living, the cost of doing business, borrowing money, mortgages, corporate, and government bond yields, and every other facet of the economy.
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Figure 1 shows the history of the price of oil since the early 1950s. The price shown is the monthly average spot price of a barrel of West Texas intermediate crude oil, measured in U.S. dollars. The gray bars in this and all the following figures represent recessions, as defined by the National Bureau of Economic Research.
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