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Modeling by IMF shows that 10% increase in oil prices leads to inflation being 0.4 percentage points higher a year later.

(Bloomberg) -- The Bank of England will have to keep interest rates high for longer because inflation is unlikely to fade as quickly as it emerged, despite sharp falls in gas and producer prices, Deputy Governor Ben Broadbent said.Most Read from BloombergSpaceX Blast Left Officials in Disbelief Over Environmental DamageTesla Investors to Get $12,000 Each From Musk’s SEC DealPowell Signals Fed Will Raise Rates If Needed, Keep Them HighAfter 15 Years, a New Private Jet Is America’s Most PopularNYC