agflation Syllabification: (ag·fla·tion)Pronunciation: /agˈflāSHən/Definition of agflation noun Economics rising food prices caused by increased demand for agricultural commodities: in 2007 agflation hit everything from cereal and baked products to meat, poultry, fish, and eggsOrigin: early 21st century: blend of agriculture and inflationagflation in other Oxford dictionaries Definition of agflation in the British & World English dictionary