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Fortune

Business

Jim Probasco

Understanding stagflation

Inflation Unemployment Interest Rates Cristian deRitis Gary Zimmerman central bank Economic Growth US Federal Reserve United States Economy

Photo illustration of a balloon made of a $100 bill in front of a series of downward arrows. (Credit: Photo illustration by Fortune; Original photos by Getty Images (2))

Much has been written and said about the state of the U.S. economy, and for many people, the high price of food and gas has been at the center of their economic universe. Recently, a new element has begun creeping into the conversation: stagflation.

What is stagflation?

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