Stagflation
A stalled or shrinking economy combined with fast-rising prices.
How to read the number
The worst arrangement a central bank can face: easing feeds prices, tightening finishes off output. The textbook case is the oil-importing economies after the shock of 1973.
When the metric lies
The word is used more loosely than it should be — one weak quarter alongside dearer imports does not amount to stagflation.
Also known as: stagflationary scenario