Usually means: Rising food prices due to agriculture.
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We found 6 dictionaries that define the word agflation:

General (5 matching dictionaries)
  1. agflation: Oxford Learner's Dictionaries
  2. agflation: The Word Spy
  3. agflation: Wiktionary
  4. Agflation: Wikipedia, the Free Encyclopedia
  5. agflation: Longman Dictionary of Contemporary English

Business (1 matching dictionary)
  1. Agflation: Investopedia

Definitions from Wiktionary (agflation)

noun:  (informal) An increase in the price of food crops, especially due to increased demand, and to diversification into the production of biomass

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