Is everyone pretending to understand inflation (or just me)?

1485 - 1510.01 Mark Blyth

Big failed harvests, wheat harvests, Canada, the United States, USSR, as it was at that point in time. Global commodity prices start going up. 1973, in response to the Middle East war, OPEC jacks up oil prices from $4 a barrel to $16 a barrel. Given how oil dependent the US and all the other economies are at that point, we're all big manufacturing economies. This is what we call a supply shock.