in the rate of inflation; hyperinflationan out-of-control inflationary spiral; stagflationa combination of inflation, slow economic growth and high unemployment; reflationan attempt to raise the general level of prices to counteract deflationary pressures; and asset price inflationa general rise in the prices of financial assets without a corresponding increase in the prices of goods or services; agflationan advanced increase in the price for food and industrial agricultural crops when compared with the general rise in prices. More specific forms of inflation refer to sectors whose prices vary semi-independently from the general trend. “House price inflation” applies to changes in the house price index while “energy inflation” is dominated by the costs of oil and gas. History Historically, when commodity money was used, periods of inflation and deflation would alternate depending on the condition of the economy. However, when large prolonged infusions of gold or silver into an economy occurred, this could lead to long periods of inflation. The adoption of fiat currency by many countries, from the 18th century onwards, made much larger variations in the supply of money possible. Rapid increases in the money supply have taken place a number of times in countries experiencing political crises, producing hyperinflationsepisodes of extreme inflation rates much higher than those observed in earlier periods of commodity money. The hyperinflation in the Weimar Republic of Germany is a notable example. Currently, the hyperinflation in Venezuela is the highest in the world, with an annual inflation rate of 833,997% as of October 2018. Historically, inflations of varying magnitudes have occurred from the price revolution of the 16th century, which was driven by the flood of gold and particularly silver seized and mined by the Spaniards in Latin America, to the largest paper money inflation of all time in Hungary after World War II. However, since the 1980s, inflation has been held low and stable in countries with independent central banks. This has led to a moderation of the business cycle and a reduction in variation in most macroeconomic indicatorsan event known as the Great Moderation. Historical inflationary periods Rapid increases in the quantity of money or in the overall money supply have occurred in many different societies throughout history, changing with different forms of money used. For instance, when silver was used as currency, the government could collect silver coins, melt them down, mix them with other metals such as copper or lead and reissue