But instead of subsiding, inflation rages on because monopolies controlling much of the economy keep prices artificially high.

This is the flip side of the commonplace proposition that inflation can rage only if people are given more and more dollars to spend by the Fed.

When Paul Volcker was appointed Fed chairman in 1979, inflation was raging.

"The result there was immediate shortages of goods and a black market, where inflation raged," Mr. Sachs said.

Industrial production fell steadily in the first five years after the disintegration of the Soviet Union, while inflation raged.

Ronald Reagan came to power as the double-digit inflation of the Jimmy Carter era was still raging.

Output is falling; inflation rages at over 40 percent per month.

In some states, inflation raged out of control.

In her final year in office, inflation was raging at 17%, and unemployment was slightly over 10%, higher than the Marcos years.

Unemployment and inflation were raging, growth was tepid and the stock market was depressed.