See also the inflationary spike of the Renaissance era, sometimes called the Spanish Price Revolution: https://voxeu.org/article/does-inflow-precious-metals-new

See also the inflationary spike of the Renaissance era, sometimes called the Spanish Price Revolution: https://voxeu.org/article/does-inflow-precious-metals-new-world-really-explain-great-inflation-renaissance-europe https://voxeu.org/article/does-inflow-precious-metals-new-wo... Prices rose sixfold over 150 years, which represents a ~1% inflation rate which seems low by modern standards, but the thing about inflation is that expectations matter far more than the absolute rate, and European society had ~0% inflation assumptions baked into it, so the effects were significant and sweeping. The graph of price levels in England in that article is just wild. It's now generally accepted that that the main driver of this was the Spanish treasure fleets from the New World, which significantly increased the money supply in Europe.