The Middle East crisis will fuel a surge in US inflation to 4.2 per cent this year, the highest in the G7, according to an OECD forecast that highlights the cost of the US-Israeli war with Iran.
The Paris-based organisation predicted that energy price rises would sharply increase inflation around the world, with “significant downside risks” to growth if disruptions to energy exports worsened.
While the OECD expects US inflation to jump from 2.6 per cent in 2025, countries including China, South Korea and India also face a sharp increase in price growth because of the energy shock.
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