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in Economy

Red Sea tensions risk significantly higher inflation, OECD warns

by Editor February 6, 2024, 11:38 am 1.5k Views

Central banks are right to be cautious on rate cuts, OECD chief economist says

Elevated shipping costs as a result of ongoing tensions in the Red Sea could impede the global fight against inflation, the Organisation for Economic Co-operation and Development said Monday.

The Paris-based group estimates that the recent 100% rise in seaborne freight rates could increase import price inflation across its 38 member countries by nearly 5 percentage points if they persist.

That could add 0.4 percentage points to overall price…

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