‘Stagflation’ Is Coming. What You Need to Know.

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Gas lines of the 1970s left an indelible impression of stagflation on the popular imagination of stagflation.

National Archives/Alamy Stock Photo

There is no question that Russia’s invasion of Ukraine is going to push inflation higher, given the amount of energy and food commodities produced by the region and the responses by countries and companies world-wide. What is less clear is whether this worsening period of inflation will turn into stagflation.

Since Russia began its invasion of its neighbor, the price of wheat has risen more than 20% and the price of crude oil by about 10%. The world’s biggest shipping companies, which together control about a third of the…