“War-Shock Inflation” and Inflation Phobia: Lessons of History for Central Bankers

SYDNEY, April 21 (IPS) - The global economy, is at the precipice of “stagflation” – growth slowdown and higher inflation – due to the energy price shock following the illegal US-Israel war on Iran. The International Monetary Fund (IMF) has recently termed this as a “textbook negative supply shock”. For the first time since the 1970s, the prospect of stagflation seems real.

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