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The great inflation was a period from 1965 to 1982, it had reached double digits in the U.S. and other nation. There were oil shocks, Which had caused energy prices to skyrocket and it fueled broader inflation. there was also the Nixon price control which was temporary and had failed, but soon was lifted. At the end of the great inflation, there was a policy shift. The experience had changed central banking which led to a new focus on controlling inflation through monetary policy.
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This was a long term mismatch where a government expected future spend significantly that exceeded its projected future revenues, that led to an unsustainable debt even if current budgets appear balanced.
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This was a very challenging economic condition on where it had high inflation, slow economic growth and high unemployment that occurred simultaneously.
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The growing imbalance, which made dollar gold convertibility unsustaible as more dollars were held abroad than the U.S. had gold to back them. There was also the Nixon shock which had faced inflation and the gold run.
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This event had numerous immediate effects. Oil prices quadrupling to almost 12$ a barrel. it was extremely bad. There were gas shortages with long lines and severe economic stagflation. There were also job losses and forced major changes in the U.S. energy policy.