Oil prices and world inflation

Ray Barrell and Olga Pomerantz

National Institute Economic Review, 2008, vol. 203, 31-34

Abstract: Between NIESR's October 2007 and January 2008 global economy forecasts, oil prices rose by almost $20 per barrel, and they averaged $86 a barrel in the fourth quarter of 2007, as against our assumption of $71 a barrel. In the first quarter of 2008 we project that they will average $90 a barrel, $19 above the level we projected in October. Real oil prices have risen almost to the level seen in around 1980, as we can see from figure 1. There has, however, been no resurgence of inflationary pressure on the scale that was observed in the mid-1970s and early 1980s in response to oil price increases. This has been much as we anticipated, as is discussed in Barrell and Pomerantz (2004), and our model simulation results reflect the changed environment in which the increase has taken place.

Date: 2008
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.cambridge.org/core/product/identifier/ ... type/journal_article link to article abstract page (text/html)

Related works:
Journal Article: Oil prices and world inflation (2008)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cup:nierev:v:203:y:2008:i::p:31-34_4

Access Statistics for this article

More articles in National Institute Economic Review from National Institute of Economic and Social Research Cambridge University Press, UPH, Shaftesbury Road, Cambridge CB2 8BS UK. Contact information at EDIRC.
Bibliographic data for series maintained by Kirk Stebbing ().