Last week, South Korea and Thailand reported lower inflation for July. Amongst other East Asian economies, inflation has also fallen or was little changed from the month before. However, in the overall picture, global inflation will be markedly higher in 2008, bringing with it stagflation or rising inflation and falling growth
THE 1970s were known for stagflation due to the 1973 oil shock following a war in the Middle East that saw the Arab members of the Organisation of Petroleum Exporting Countries lowering oil production.
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