That's an incredibly misleading graph. Never look at something with a growth rate on a linear scale, as it will always have a "hockey stick" shape, even with constant growth. If you look at the same series on a log scale, you see high inflation in the 70s, but from the '80s on it looks pretty similar to the pre-70s trend.

Imagine how much worse that chart would look were it not for deflationary pressure from science/technology introduced efficiencies.