Central Banking

Effect of oil price surge less than in 1970s - BIS

This year's surge in oil prices is likely to have less of an inflationary impact than the price shocks of the 1970s, the Bank for International Settlements (BIS) said in its latest quarterly report. It said in the report, which was published today, that the weaker euro currency coupled with high value-added taxes on petrol in Europe had "magnified the ultimate price impact for consumers."

These factors fuelled petrol-related strikes and protests in several European countries in September, and

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