What is stagflation? The economic phenomenon that stifled growth through the 1970s

Stagflation took hold in the US in the 1970s and lasted for about a decade.
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Stagflation is an economic condition that's caused by a combination of slow economic growth, high unemployment, and rising prices.
Stagflation occurred in the 1970s as a result of monetary and fiscal policies and an oil embargo.
Concern about stagflation has emerged as economic growth cools and inflation remains high amid the COVID-19 recovery.
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