With oil prices surging once again, headline inflation could remain elevated for longer -- or even rise
A surprise production cut announcement this week from Saudi Arabia and several other OPEC+ oil producers complicates the Federal Reserve’s mission to cool the economy and could worsen inflation in the United States, economists say. Energy prices across the globe surged last year when Russia invaded Ukraine, fueling global inflation just as the world’s major economies were beginning to rebalance after the pandemic.
Plastic resin, for example, is a derivative of crude oil used to create everyday items such as bottles, wires, and clothes. The cost of jet fuel closely influences airfare prices. Consumer spending plays a key role Higher energy costs soften overall demand by weighing on consumer sentiment and consumer spending, both of which were surprisingly robust at the beginning of the year but have recently started to cool.
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