Stagflation indicators 1970-2023

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%
2010	2.56%	27.14%	1.64%	9.6%
2009	-2.54%	-35.32%	-0.36%	9.3%
2008	-0.14%	36.3%	3.84%	5.8%
2007	1.88%	13.18%	2.85%	4.6%
2006	2.85%	20.58%	3.23%	4.6%
2005	3.51%	40.33%	3.39%	5.1%
2004	3.8%	28.29%	2.68%	5.5%
2003	2.86%	15.35%	2.27%	6%
2002	1.74%	5.36%	1.59%	5.8%
2001	1%	-16.23%	2.83%	4.7%
2000	4.13%	58.26%	3.38%	4%
1999	4.75%	42.02%	2.19%	4.2%
1998	4.48%	-34.89%	1.55%	4.5%
1997	4.38%	-7.05%	2.34%	4.9%
1996	3.77%	20.34%	2.93%	5.4%
1995	2.68%	8.56%	2.81%	5.6%
1994	4.03%	-4.9%	2.61%	6.1%
1993	2.75%	-11.44%	2.95%	6.9%
1992	3.52%	-0.97%	3.03%	7.5%
1991	-0.11%	-16.35%	4.24%	6.9%
1990	1.89%	28.6%	5.4%	5.6%
1989	3.67%	21.56%	4.83%	5.3%
1988	4.18%	-19.68%	4.08%	5.5%
1987	3.46%	31.04%	3.66%	6.2%
1986	3.46%	-49.91%	1.9%	7%
1985	4.17%	-4.22%	3.55%	7.2%
1984	7.24%	-2.89%	4.3%	7.5%
1983	4.58%	-10.32%	3.21%	9.6%
1982	-1.8%	-4.76%	6.13%	9.7%
1981	2.54%	-4.28%	10.33%	7.6%
1980	-0.26%	21.69%	13.55%	7.2%
1979	3.17%	128.23%	11.25%	5.9%
1978	5.54%	2.32%	7.63%	6.1%
1977	4.62%	7.76%	6.5%	7.1%
1976	5.39%	11.22%	5.74%	7.7%
1975	-0.21%	-5.18%	9.14%	8.5%
1974	-0.54%	307.41%	11.05%	5.6%
1973	5.65%	48.35%	6.18%	4.9%
1972	5.26%	7.06%	3.27%	5.6%
1971	3.29%	40.5%	4.29%	6%
1970	-0.35%	-4.72%	5.84%	5%