Editing Inflation (section)

===After 1700===

A pattern of intermittent inflation and deflation periods persisted for centuries until the [[Great Depression]] in the 1930s, which was characterized by major deflation. Since the Great Depression, however, there has been a general tendency for prices to rise every year. In the 1970s and early 1980s, annual inflation in most industrialized countries reached two digits (ten percent or more). The double-digit inflation era was of short duration, however, inflation by the mid-1980s returned to more modest levels. Amid this, general trends there have been spectacular high-inflation episodes in individual countries in [[Interwar period|interwar Europe]], towards the end of the [[Nationalist government|Nationalist Chinese government]] in 1948–1949, and later in some Latin American countries, in Israel, and in Zimbabwe. Some of these episodes are considered [[hyperinflation]] periods, normally designating inflation rates that surpass 50 percent monthly.<ref name=parkin/>