But on August15th 1971 Nixon, in the face of economicdifficulties, closedthegoldwindow, devalued thedollaragainstbullionandimposed a 10% surchargeonimports.
From 1971 (the year Nixon broke the goldwindow) through 1974, the annual percentage change on the Consumer Price Index (CPI) increased from 4.4% to 11.0%.
Indeed, since President Nixon closed the goldwindow in 1971, the U.S. price level has drifted upward, sometimes rapidly, eroding the purchasing power of the dollar.