Rising interest rates. Layoffs. A shrinking dollar. Over the past year, the US economy has been squeezed: The same amount of money gets you less stuff. It’s inflation: a concept that’s easy to feel but hard to understand. Its causes are complex, but it isn’t some kind of naturally-occurring phenomenon — and neither are the ways in which governments try to fight it.

This week, we look at the history of inflation in the U.S., how we’ve responded, and who pays the price.