Commentary
The worry of stagflation is spreading widely, as more disappointing economic data is released since the start of the rate hike. Regardless of the warning by authoritative scholars, the real side of the western world is still very strong. Inflation is certainly high, but stagnation is not yet seen. In the current context, to claim stagflation ahead of it appearing is equivalent to claiming stagnation has started. But unlike recession, which has a strict definition of two consecutive quarters of contraction, there is no commonly agreed definition of stagnation, not even about which variable to use.
