UBS: Iran war lifts energy inflation to the highest level in 25 years
The U.S. war against Iran led to the largest global jump in energy price inflation in March, as sharp increases in oil and gas prices occurred due to the closure of the Strait of Hormuz.
“Arind Kaptein”, head of Economic and Strategic Research at UBS, said the bank tracks inflation data across roughly 45 advanced and emerging economies, accounting for more than 85% of global GDP.
He also explained that the average monthly increase in energy prices reached 5.5% in 27 countries that have released data so far—higher than the levels recorded after the outbreak of the Russia-Ukraine war in 2022, according to MarketWatch.
He added that two-thirds of the countries for which data is available recorded monthly energy price increases among the highest in history relative to their usual rates, reflecting the broadening of inflationary pressures worldwide, with limited exceptions such as Sweden, where milder weather helped temper the rise.
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