The rise of prices was one of the most important economic developments in early modern Europe, particularly between the sixteenth and seventeenth centuries. It transformed the conditions of production, trade, consumption and social relations and contributed to the transition from the medieval economy towards a more commercially oriented European economy. This long-term inflationary movement is often described as the “Price Revolution.” Although prices had increased at different times and at different rates in different regions, the general tendency was especially pronounced from the early sixteenth century to the middle of the seventeenth century. Historians have explained this phenomenon through a combination of monetary expansion, population growth, agricultural changes, commercial expansion and the integration of European and overseas markets. One of the major causes of the rise in prices was the increase in the European population. After the demographic decline of the fourteenth and fifteenth centuries, Europe entered a period of population recovery. By the sixteenth century, population growth became substantial in many parts of Europe. More people meant greater demand for food, clothing, fuel and other basic commodities. Since agricultural production did not increase at the same pace as population, especially in the short run, food prices rose. Grain prices were particularly affected because bread and cereals constituted the main part of the diet of ordinary Europeans. Population growth therefore placed considerable pressure on the available supply of agricultural goods. The demographic expansion also increased demand for land. As population increased, marginal lands were brought under cultivation, forests were cleared and settlements expanded. However, the cultivation of less fertile land required greater expenditure and often produced lower yields. This contributed to rising agricultural costs and prices. In some regions, landlords took advantage of increasing demand for land and raised rents. Thus, population growth affected not only the price of food but also the broader structure of rural society. Another major factor behind the Price Revolution was the expansion of the money supply. The discovery and exploitation of large silver deposits in the Americas, particularly in Spanish America, resulted in a huge inflow of precious metals into Europe. The mines of