Stagflation, n. stag·fla·tion (stāg-flā'shən)

Blend of stagnation and inflation.

1. Sluggish economic growth coupled with a high rate of inflation and unemployment.
   
2. 1965, apparently coined by U.K. Conservative party finance minister Iain Macleod, from stag(nation) + (in)flation.
3. An economic phenomenon of the late 1960s and 1970s characterized by sluggish economic growth and high inflation.
   

The causes of stagflation in the 1970s seem to be based on the severe increase in fuel prices compounded by the excessively stimulative monetary policies of central banks.

Does this sound familiar? Letting past experiences provide insight for future events is a smart move. If we do not draw from history's lessons, we're doomed to repeat past failures.