Business: Global Growth Is Hit Anew

Oil jitters, higher interest rates and more inflation on the way

Like some hibernating monster that has roused itself to feed, the Western world's oil-fed inflation once again has national economies in a bear hug. Last week the squeeze grew tighter. There were reports from the Persian Gulf that the damage inflicted on Iraqi and Iranian oilfields during the current fighting would take months, and perhaps years, to repair. As a result, oil-importing countries are soon likely to see tightening oil markets and then higher crude prices.

That was glum news for members of the International Monetary Fund and the World Bank, who...

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