Stagflation (stagnation and inflation in one word) depicts a time period when an economy is not only suffering from a recession (declining GDP), but high unemployment and inflation rates as well. Usually unemployment and inflation are inversely related, which makes stagflation a rare occurrence. It first happened in the 1970s, when OPEC put an oil embargo on the United States, resulting in oil prices skyrocketing to three times the standard value at that time. As of September 2023, the price of oil fell by 20 percent in comparison to last year after having increased by 76 perent as a result of Russian invasion of Ukraine. The has been signs of stagflation in some countries through 2022 and 2023, but falling inflation rates indicate that the worst has been avoided.
Comparison of stagflation indicators (U.S. GDP rate, U.S. inflation rate, U.S. unemployment rate, oil price) from 1970 to 2023
Characteristic
U.S. GDP
Oil price
U.S. inflation
U.S. unemployment rate
2023*
2.2%
-20.5%
2.7%
3.8%
2022
2.06%
75.92%
8%
3.8%
2021
5.95%
68.12%
4.7%
5.5%
2020
-2.77%
-35.24%
1.23%
8.1%
2019
2.29%
-8.23%
1.81%
3.7%
2018
3%
32.89%
2.44%
3.9%
2017
2.33%
28.83%
2.13%
4.4%
2016
1.71%
-17.64%
1.26%
4.9%
2015
3.08%
-48.6%
0.12%
5.3%
2014
2.53%
-9.05%
1.62%
6.2%
2013
1.84%
-3.27%
1.46%
7.4%
2012
2.25%
1.85%
2.07%
8.1%
2011
1.55%
38.87%
3.16%
8.9%
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New Balance, & US Congressional Budget Office, & OPEC, & St. Louis Fed, & The Conference Board, & World Bank, & Macrotrends, & The Balance. (September 26, 2023). Comparison of stagflation indicators (U.S. GDP rate, U.S. inflation rate, U.S. unemployment rate, oil price) from 1970 to 2023 [Graph]. In Statista. Retrieved April 16, 2025, from https://www.statista.com/statistics/987154/stagflation-indicators/
New Balance, und US Congressional Budget Office, und OPEC, und St. Louis Fed, und The Conference Board, und World Bank, und Macrotrends, und The Balance. "Comparison of stagflation indicators (U.S. GDP rate, U.S. inflation rate, U.S. unemployment rate, oil price) from 1970 to 2023." Chart. September 26, 2023. Statista. Accessed April 16, 2025. https://www.statista.com/statistics/987154/stagflation-indicators/
New Balance, US Congressional Budget Office, OPEC, St. Louis Fed, The Conference Board, World Bank, Macrotrends, The Balance. (2023). Comparison of stagflation indicators (U.S. GDP rate, U.S. inflation rate, U.S. unemployment rate, oil price) from 1970 to 2023. Statista. Statista Inc.. Accessed: April 16, 2025. https://www.statista.com/statistics/987154/stagflation-indicators/
New Balance, and US Congressional Budget Office, and OPEC, and St. Louis Fed, and The Conference Board, and World Bank, and Macrotrends, and The Balance. "Comparison of Stagflation Indicators (U.S. Gdp Rate, U.S. Inflation Rate, U.S. Unemployment Rate, Oil Price) from 1970 to 2023." Statista, Statista Inc., 26 Sep 2023, https://www.statista.com/statistics/987154/stagflation-indicators/
New Balance & US Congressional Budget Office & OPEC & St. Louis Fed & The Conference Board & World Bank & Macrotrends & The Balance, Comparison of stagflation indicators (U.S. GDP rate, U.S. inflation rate, U.S. unemployment rate, oil price) from 1970 to 2023 Statista, https://www.statista.com/statistics/987154/stagflation-indicators/ (last visited April 16, 2025)
Comparison of stagflation indicators (U.S. GDP rate, U.S. inflation rate, U.S. unemployment rate, oil price) from 1970 to 2023 [Graph], New Balance, & US Congressional Budget Office, & OPEC, & St. Louis Fed, & The Conference Board, & World Bank, & Macrotrends, & The Balance, September 26, 2023. [Online]. Available: https://www.statista.com/statistics/987154/stagflation-indicators/
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