Definition of "stagflation"

We now have the worst of both worlds —not just inflation on the one side or stagnation on the other, but both of them together. We have a sort of "stagflation" situation and history in modern terms is indeed being made. There is another point behind the figures. As I say, production has fallen by 1 per cent. or ½per cent.

1965 November 17, Iain Macleod, “Economic Affairs”, in parliamentary debates (Commons)‎, column 1165

As soon as we understand how involuntary unemployment can result from rational and well-informed individual behavior, it also becomes obvious how inflation and unemployment—which we once thought could not occur simultaneously—can be combined, as they have been in the recent stagflation.

1982, Mancur Olson, The Rise and Decline of Nations, Yale University Press, page 8

Since no one had the solutions to stagflation, Carter, a fiscal conservative from the beginning, was thrown back to his personal bias and chose to elevate inflation to the nation's most pressing problem.

1995, Anthony S. Campagna, Economic Policy in the Carter Administration‎, page 204

Moving into the mid-1970s, America's economic performance suffered. Stagflation—inflation combined with minimal economic growth—eroded wages and profits, weakening business and consumer confidence.

2013, George R. Tyler, What Went Wrong: The Big Picture: How the 1% Hijacked the American Middle Class … and What Other Countries Got Right, BenBella Books, Inc.

The UK economy is suffering a nasty bout of stagflation and the prospects appear poor. That is the conclusion financial markets drew this week from yet more disappointing data, highlighting the weakness of the post-Covid economy and the persistence of high inflation.

2023 June 17, Chris Giles, Delphine Strauss, “Britain's economic malaise”, in FT Weekend, page 6