If an economy is suffering from stagflation, inflation is high but there is no increase in the demand for goods or in the number of people who have jobs.
[business]
stagflation in British English
(stæɡˈfleɪʃən)
noun
a situation in which inflation is combined with stagnant or falling output and employment
Word origin
C20: blend of stagnation + inflation
stagflation in American English
(stægˈfleɪʃən)
noun
an economic condition marked by a continuing inflation together with a decline in business activity and an increase in unemployment