Inflation has been in the news continually over the past several months. Initially many economists felt that inflation was the result of the Pandemic (and disruptions in the supply chain, which caused shortages, which led to price increases). More recently some economists have become concerned that we may need to worry about a long-term 'inflation spiral'.

Answer the following question in 70 words minimum each:

1.) How serious a problem do you feel inflation is? Why?

2.) Why do you think prices are rising? 

3.) Do you think it is likely to be long-lasting, or more temporary in nature?  Why?