Inflation in the 1970s was largely driven by commodity price shocks. (bullmarkets.co)
That is due to a combination of commodity price shocks, the lagged effects of a lower exchange rate and a worsening underlying productivity performance, and it has very important implications for fiscal policy. (politics.co.uk)
there is a larger than anticipated impact of our financial crisis and deleveraging on potential output; there has been the global commodity price shocks, exacerbated here by our depreciated exchange rate; and, of course, there is the ongoing uncertainty in the eurozone which is now acknowledged to be having an impact on growth and investment across the world, from the US to China. (politics.co.uk)