Stagflation refers to:

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Stagflation is a term used to describe a situation where there is both high inflation and high unemployment. It is an uncommon occurrence because inflation and unemployment are generally seen as inversely related. When there is high unemployment, there is typically low inflation, and when there is low unemployment, there is typically high inflation. However, in the case of stagflation, both are high at the same time, making it difficult for policymakers to address the situation.

Stagflation Refers To