Second-Round Effects of Oil Prices on Inflation in the Advanced Foreign Economies
Abstract: The surge in oil prices in the wake of the post-COVID-19 economic rebound and Russia's invasion of Ukraine exerted significant upward pressure on consumer price inflation around the world. As seen in the left panel of Figure 1, Brent crude oil prices soared to nearly $130 a barrel in March 2022 and remained elevated through June, before only slowly retracing the gains.
Part of Series: FEDS Notes
Publication Date: 2023-12-15