The International Monetary Fund Warns of Global Inflation Due to Rising Oil Prices
Photo - M.A.N.
Kristalina Georgieva, Managing Director of the International Monetary Fund, warned that the ongoing escalation of the conflict in the Middle East poses significant risks to global inflation, amid rising oil prices.
Georgieva explained during a seminar organized by the Japanese Ministry of Finance on Monday that a 10% rise in oil prices, if sustained at these levels for most of the year, could increase global inflation by about 40 basis points.
She added: "We are witnessing a new test of the global economy’s resilience due to the new conflict in the Middle East, and policymakers must consider and prepare for unexpected scenarios."
This warning comes as Brent crude futures rose by more than 30 percent after the conflict in the region lasted more than 10 days.
It is worth noting that oil prices fell by about 9 percent on Tuesday, following a strong rally in the previous session, as concerns over disruptions to global oil supplies eased.
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