What is Stagflation ?

Defination:

Stagflation refers to economic condition where economic growth is very slow or stagnant and prices are rising.
The term stagflation was coined by British politician Iain Macleod, who used the phrase in his speech to parliament in 1965.
The side effects of stagflation are increase in unemployment- accompanied by a rise in prices, or inflation. Stagflation occurs when the economy isn't growing but prices are going up.
At international level, this happened during mid 1970s, when world oil prices rose dramatically, fueling sharp inflation in developed countries.