Oil shock

The price of #oil has doubled over the last 12 months. There have been only two prior instances, over the last 122 years, where oil price has increased more in a 1 year period. As a result, gasoline has gone up accordingly and is affecting the price of goods, reflected on #cpi. The price of oil is somehow “managed” by #opec, which has absolutely no problem with these levels. Furthermore, countries like #russia, #iran, #venezuela or #saudiarabia know they have a strong negotatiting position vs #Europe and #usa. Leaders of the west are weakening as days go by trying to fight inflation that has not been created by the economic cycle, but by #quantitativeeasing. And #centralbanks will unwind #stimulus programs and, probably, create a #recession. #stagflation is here.

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Source: BoA GIS.