The Relationship between Oil Prices and Inflation in Oil Ä°mporting Countries (1980-2022)

Lyazzat Kudabayeva, Aktolkin Abubakirova, Aliya Zurbayeva, Gulnar Mussaeva and Gulbakyt Chimgentbayeva
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Lyazzat Kudabayeva: Taraz Regional University named after M.Kh.Dulaty, Taraz, Kazakhstan
Aktolkin Abubakirova: Khoja Akhmet Yassawi International Kazakh-Turkish University, Turkestan, Kazakhstan
Aliya Zurbayeva: Narxoz University, Almaty, Kazakhstan
Gulnar Mussaeva: Taraz Regional University named after M.Kh.Dulaty, Taraz, Kazakhstan
Gulbakyt Chimgentbayeva: Taraz Regional University named after M.Kh.Dulaty, Taraz, Kazakhstan

International Journal of Energy Economics and Policy, 2024, vol. 14, issue 1, 359-364

Abstract: The increase in the price of oil, which is an important input in production, decreases the level of output, causes cost inflation and generally affects the economy negatively. In oil-importing countries, it leads to an increase in costs and a decrease in competitiveness in international trade, thus negatively affecting the balance of payments. The aim of this research is to investigate the relationships between oil price and inflation by using quarterly data between 1980Q1:2022Q4 in oil importing countries. In addition, it is aimed to determine the contribution of the GDP and unemployment rate variables, which are widely used in explaining inflation, as well as the inflationary effects of oil prices. According to the results of the study, the effect of oil prices on inflation differs from country to country. It is observed that Italy and France are the most affected countries.

Keywords: Oil Price; Oil Ä°mporting Countries; Ä°nflation; Panel Cointegration (search for similar items in EconPapers)
JEL-codes: C23 G15 Q40 (search for similar items in EconPapers)
Date: 2024
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Citations: View citations in EconPapers (1)

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