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Nixon also imposed wage and price controls to constrain inflation.
The stronger pound is also likely to constrain inflation, as imports become cheaper.
Thus, the only way to constrain inflation below 2% was to constrain wage growth.
Price controls on staple goods, meant to keep those goods affordable and constrain inflation, have instead helped cause critical shortages.
Currency reform is not just a way to constrain inflation, but also a means of redistributing spending.
But while lower demand and a sluggish economy normally act to constrain inflation, some experts said the pressure on prices in the months ahead might be driven by economic activity elsewhere in the world, not just inside its biggest economy.
Similar(54)
Its plan to raise interest rates gradually may be good for the economy, he said, "but is not designed to put the system back into balance in terms of constraining inflation itself".
"Its credibility, which was so high in the Volcker and early Greenspan years owing to its success in constraining inflation, is now at its lowest ebb since the inflationary 1970s".
Government-imposed price and export controls proved largely ineffective in constraining inflation, which, according to official figures, reached 10.6 percent in 2012, though many foreign and domestic observers believed it to actually be considerably higher, with some estimating it to have reached between 25 percent and 30 percent by 2013.
To correct for the precision, we used smaller binned categories to constrain the inflation of the weighting estimates using the raking procedure.
Elsewhere in Asia, soaring inflation constrains some central banks' room for maneuver on interest rates.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com