What was the fundamental cause of inflation during 1970s?
Read the following passage carefully and answer the given questions.
The decade of the 1970s stands out as the most tumultuous period in India in terms of inflationary uncertainty, witnessing very high inflation mainly driven by the supply shocks emanating from agricultural and oil prices. For the first time since independence, inflation overshot the level of 20% in 1973-74 and 1974-75 (25.2%). Reflecting the first overshot of 1973, the import price deflator surged by 43.0% and 72.8% during 1973-74 and 1974-75 respectively. In line with the sharp increase in average international crude oil prices by over 250% in 1974, domestic fuel prices increased sharply from an annual average of about 26.5% on average during the last three years beginning 1973-74. It was plainly observed that similar situations led to reappearance of high inflation in 1979-80.