Price revolution is a term used to describe a series of economic events from the second half of the 15th century to the first half of the 17th century. The price revolution refers most specifically to the high rate of inflation that occurred during this period across Western Europe. Prices rose on average roughly sixfold over 150 years. This level of inflation amounts to 1–1.5% per year, a relatively low inflation rate for the 20th century standards, but rather high given the monetary policy in place in the 16th century.