inflationary spiral
From Longman Dictionary of Contemporary Englishinflationary spiralinflationary spirala situation in which wages and prices rise continuously because the level of inflation is high → spiralExamples from the Corpusinflationary spiral• He started blustering about the general election and an end to the inflationary spiral.• The inflationary spiral constituted a grave threat which, if not halted, could jeopardise the entire economy.