stagflation n.

1965, apparently coined by U.K. politician Iain Macleod (1913-1970), from stag(nation) + (in)flation.

Attacking the Government's economic policy last night in the House of Commons, Mr. Iain Macleod (West Enfield - Con.) the Opposition spokesman on Treasury and economic affairs, described the present situation in Britain as "stagflation" — stagnation and inflation together. [Glasgow Herald, Nov. 18, 1965]