Increase in cost of crude could drive inflation up and force central banks to keep interest rates high
The Bank said the recent fall in commodity prices had been levelling off even before the recent missile strikes by Iran and Israel.The Bank said the recent fall in commodity prices had been levelling off even before the recent missile strikes by Iran and Israel.
Financial markets have already pared back expectations about the scale and pace of interest rate cuts this year in response to stickier than expected inflation. “That means interest rates could remain higher than currently expected this year and next. The world is at a vulnerable moment: a major energy shock could undermine much of the progress in reducing inflation over the past two years.”Get set for the working day – we'll point you to all the business news and analysis you need every morningThe World Bank said an escalation of the conflict in the Middle East could also drive up prices of natural gas, fertilisers and food.
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