stagflation

  

Definition

Stagnation accompanied by inflation. It is an economic anomaly where high unemployment (due to economic stagnation) is accompanied by high inflation (instead of low inflation due to falling demand). Triggered first in 1973 by the OPEC's four-fold increase in oil prices (which raised all prices, thus slowing economic growth) it was exacerbated by traditional fiscal and monetary policies with which the governments tried to reduce unemployment levels.

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