When major and unusual events such as a war occur, there is no ‘manual’ for how to act as an economic policy-maker. All wars are different – in terms of their scale and duration, their location and their impact on the world around them. Instead, one must try to find parallels with previous historical episodes and study the research literature on the economic consequences of war to see if it is possible to find common denominators. It is clear, however, that war often leads to higher inflation in one way or another. In this article, we will first briefly review what research literature has to say about the connection between war and inflation. Then we will take a look back at earlier episodes when war was associated with rising inflation in Sweden, and draw some conclusions from this.