Global Risks

What is stagflation and why are central banks concerned about it?

Stagflation is the combination of economic stagnation and inflation.

Stagflation is the combination of economic stagnation and inflation. Image: Unsplash/Mathieu Stern

John Hawkins
Senior Lecturer, Canberra School of Politics, Economics and Society, University of Canberra, University of Canberra
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There is a real risk of stagflation coming back.
There is a real risk of stagflation coming back. Image: BIS, CC BY

Russia’s invasion of Ukraine global rise in inflation stagflation
Russia’s invasion of Ukraine is leading to a global rise in inflation. Image: Kunihiko Miura/Yomiuri Shimbun/AP
United States inflation stagflation
Traffic in Los Angeles, 1973. Economies were much more energy-intensive than now. Image: Gene Daniels/Wikimedia Commons, CC BY

debt in advanced economies inflation stagflation
The current economic situation is very challenging. Image: BIS total credit statistics

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Global RisksFinancial and Monetary SystemsBanking and Capital Markets
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