Answer the Question on the Basis of the Following Economic

True/False

Answer the question on the basis of the following economic data for a hypothetical economy: $\begin{array}{c}\begin{array}{c}\\\\\\\text { Year } \\\hline 1997 \\1998 \\1999 \\2000\end{array}\begin{array}{c}\text {Average}\\\text {Hourly}\\\text {Wage}\\\underline{\text {Rates}}\\\$ 6.40 \\6.72\\7.24\\8.02\end{array}\begin{array}{c}\\\text {Index of}\\\text { Industrial}\\\underline{\text {Production}}\\197\\199\\196\\192\end{array}\begin{array}{c}\\\\\text {Unemployment}\\\underline{\text {Rate}}\\ 5.5 \% \\5.8\\7.2\\8.3\end{array}\begin{array}{c}\\\text {Price}\\\text {Level}\\\underline{\text {Index}}\\130\\133\\139\\147\end{array}\begin{array}{c}\\\text {Rate of}\\\text { Increase in}\\\underline{\text {Productivity}}\\3.0 \% \\2.9\\3.1\\2.8\end{array}\end{array}$
Refer to the given data.This economy has encountered stagflation.