Was OPEC’s price increase inflationary or deflationary?

In the 1970s OPEC, the oil cartel, increased prices which – it is often proclaimed – is responsible for the stagflation in Western countries. Whilst we would naturally expect such an increase in price of a vital commodity to lead to inflation (we will examine these effects shortly), is it possible that there could have Read more about Was OPEC’s price increase inflationary or deflationary?[…]