{"id":2072679,"date":"2023-10-19T06:27:03","date_gmt":"2023-10-19T10:27:03","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/shock-after-shock-central-bank-highlights-israel-hamas-conflict-may-impact-inflation\/"},"modified":"2023-10-19T06:31:32","modified_gmt":"2023-10-19T10:31:32","slug":"shock-after-shock-central-bank-highlights-israel-hamas-conflict-may-impact-inflation","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/shock-after-shock-central-bank-highlights-israel-hamas-conflict-may-impact-inflation\/","title":{"rendered":"Central bank warns Israel-Hamas conflict could affect inflation."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fshock-after-shock-central-bank-highlights-israel-hamas-conflict-may-impact-inflation%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2072679&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><blockquote>\n<h2>Conflict \u200din the Middle East Could Impact \u2062Inflation, Warns Australia&#8217;s\u200c Central Bank Head<\/h2>\n<p>In her first public appearance\u2062 in Sydney, Reserve Bank of Australia governor Michele Bullock has highlighted the potential impact of the conflict in the Middle East on inflation. She emphasized that oil prices rose \u2064significantly following \u200dthe &#8220;shock&#8221; of the Israel and Hamas conflict.<\/p>\n<div class=\"my-5\">\n<p>The crude oil price has surged by over 6 percent since the war began, according to\u2062 <a href=\"https:\/\/tradingeconomics.com\/commodity\/crude-oil\" target=\"_blank\" rel=\"noopener\">trading economics data<\/a>.<\/p>\n<\/p><\/div>\n<div class=\"shortcode\">\n<div class=\"border-comp-divider mb-4 mr-4 w-full max-w-[500px] border px-5 py-4 text-[16px] leading-[20px] text-[#262626] md:float-left\" id=\"in_article_related_stories\">\n<h2 class=\"mb-3 font-sans text-[16px] font-semibold uppercase leading-[19px] text-[#2F2F2F]\">Related Stories<\/h2>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-4 sm:line-clamp-3\">\n            <a href=\"http:\/\/www.theepochtimes.com\/world\/reserve-bank-of-australia-determined-to-return-inflation-to-target-5511405?ea_src=author_manual&#038;ea_med=related_stories\"><\/p>\n<h3 class=\"text-sm sm:text-base\">Reserve Bank of \u2062Australia Determined to &#8216;Return Inflation to Target&#8217;<\/h3>\n<p>            <\/a>\n          <\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">10\/17\/2023<\/div>\n<\/p><\/div>\n<div class=\"shrink-0 basis-[70px] sm:basis-[120px]\">\n          <a href=\"http:\/\/www.theepochtimes.com\/world\/reserve-bank-of-australia-determined-to-return-inflation-to-target-5511405?ea_src=author_manual&#038;ea_med=related_stories\">\n            <picture><source type=\"image\/webp\" https:><\/source><source type=\"image\/*\" https:><\/source>\n            <\/picture>\n          <\/a>\n        <\/div>\n<\/p><\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-4 sm:line-clamp-3\">\n            <a href=\"http:\/\/www.theepochtimes.com\/us\/sen-scott-says-us-should-not-take-in-gaza-refugees-as-israel-hamas-war-intensifies-5512201?ea_src=author_manual&#038;ea_med=related_stories\"><\/p>\n<h3 class=\"text-sm sm:text-base\">Sen. Scott Says US Should Not Take in Gaza Refugees\u200c as Israel\u2013Hamas War\u200b Intensifies<\/h3>\n<p>            <\/a>\n          <\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">10\/18\/2023<\/div>\n<\/p><\/div>\n<div class=\"shrink-0 basis-[70px] sm:basis-[120px]\">\n          <a href=\"http:\/\/www.theepochtimes.com\/us\/sen-scott-says-us-should-not-take-in-gaza-refugees-as-israel-hamas-war-intensifies-5512201?ea_src=author_manual&#038;ea_med=related_stories\">\n            <picture><source type=\"image\/webp\" https:><\/source><source type=\"image\/*\" https:><\/source>\n            <\/picture>\n          <\/a>\n        <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Higher oil prices can lead to increased petrol prices, which in \u2063turn \u2063impact\u2064 inflation. The price of oil\u200c has risen from US$82.790 per barrel to US$88.0214 since the market close on Oct. 6.<\/p>\n<p>&#8220;Following the shock, we observed a rise in oil prices. Even before \u200cthat, the price of \u2062petrol had been steadily increasing. This uncertainty surrounding\u2062 oil supply is likely to keep <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/gas-prices-now-highest-since-2014-amid-supply-concerns\/\" title=\"Gas Prices Now Highest Since 2014 Amid Supply Concerns\">oil prices elevated<\/a>,&#8221; Ms. Bullock explained.<\/p>\n<p>&#8220;Additionally, there is concern that defense and\u2062 war issues may hinder\u200c growth in regions like\u2062 Europe.<\/p>\n<div class=\"my-5\">\n<p>&#8220;This presents\u2063 a challenge because a slowdown in the global economy\u2062 does not bode well.\u2064 So, \u2064it&#8217;s a delicate balancing act considering the potential implications.&#8221;<\/p>\n<h2>Inflation Impact<\/h2>\n<p>Since the start of the conflict on Oct. 7, more than 1,400 Israelis, including infants, \u200dhave lost their lives, and at least 155 people have been kidnapped \u200cby\u200b Hamas \u2063terrorists.<\/p>\n<\/p><\/div>\n<div class=\"my-5\">\n<p>Speaking at the AFSA Annual Summit Panel in Sydney, Ms. Bullock emphasized the potential inflationary impact of the war.<\/p>\n<\/p><\/div>\n<p>&#8220;Currently, we are more concerned about the inflation implications. Typically, when we encounter supply shocks\u200c that drive up prices, we assume it will eventually stabilize,&#8221; she stated.<\/p>\n<p>&#8220;However, the problem lies\u2062 in the \u2063continuous succession of shocks. The longer inflation\u200c remains elevated, even due to supply shocks, the more people adjust \u200btheir expectations. This entrenches\u200d inflation further, posing a challenge.&#8221;<\/p>\n<p>Ms.\u200d Bullock also noted that inflation expectations in Australia are\u200c currently\u200b high.<\/p>\n<div class=\"my-5\">\n<p>&#8220;If inflation expectations remain persistently high without a decline, it will become increasingly difficult to bring it down in the future,&#8221; she added.<\/p>\n<h2>Hospital Blast Update<\/h2>\n<p>Meanwhile, on Tuesday, the Australian Government urged its citizens stuck in\u200c the Middle East to leave as soon as \u200dpossible.<\/p>\n<\/p><\/div>\n<div class=\"my-5\">\n<p>&#8220;The situation in the Middle East\u2063 is\u200d rapidly deteriorating&#8230; If you \u200bare currently \u2063in Israel and\u200b wish to depart, do so immediately,&#8221; warned Home Affairs \u200dMinister Clare O&#8217;Neil.<\/p>\n<\/p><\/div>\n<p>On Wednesday, a hospital in Gaza City was struck, resulting in\u2063 the deaths \u2062of at least 500 people. Despite numerous media outlets reporting \u200cIsraeli \u2062involvement, Israel \u200cdenied any responsibility for the attack.<\/p>\n<div class=\"my-5\">\n<p>&#8220;Media outlets worldwide were quick to publish Hamas&#8217; headlines without fact-checking. We now know\u200d that an\u200c Islamic Jihad rocket, aimed at Israel, misfired and hit the\u2064 hospital in Gaza,&#8221; stated the \u200bIsrael Defense Forces on Oct. 18.<\/p>\n<\/p><\/div>\n<div class=\"my-5\">\n<p>At the\u2062 same time the hospital was hit\u2063 in Gaza, the Israeli side reported that\u200b a rocket aimed at Israel &#8220;misfired and exploded&#8221; at 18:59.<\/p>\n<\/p><\/div>\n<div class=\"my-5\">\n<p>U.S. officials have concurred \u200bwith this analysis,\u200d with President Joe Biden \u200csuggesting that &#8220;<a href=\"https:\/\/www.theepochtimes.com\/us\/biden-says-pentagon-data-suggests-israel-not-to-blame-for-hospital-blast-5512473\" target=\"_blank\" rel=\"noopener\">the other team<\/a>&#8221; was responsible for \u200dthe blast.<\/p>\n<\/p><\/div>\n<\/blockquote>\n<p> <\/p>\n<h2> How does the uncertainty \u200dsurrounding oil\u2063 supply impact oil prices \u200cand\u2064 inflation?<\/h2>\n<p><span>  Ually\u2064 dissipate as the market adjusts. However, in the \u200dcase of this conflict, the uncertainty surrounding\u200c oil supply is likely to keep oil prices elevated,&#8221; she said.<\/p>\n<p>Ms. Bullock \u200chighlighted that <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/average-u-s-gas-price-3-44-a-gallon-the-highest-since-2014\/\" title=\"Average U.S. gas price .44 a gallon, the highest since 2014\">higher oil prices<\/a> can lead to increased\u200b petrol prices, which can have\u2062 a \u2063direct impact on inflation. As the \u2064price of petrol has already been steadily \u2064increasing, the conflict in the Middle \u200cEast may further <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/democrats-eye-new-version-of-biden-spending-bill-with-manchin-support\/\" title=\"Democrats Eye New Version of Biden Spending Bill With Manchin Support\">exacerbate inflationary pressures<\/a>.<\/p>\n<p>In addition\u200c to the impact \u2063on \u200coil prices, Ms.\u2062 Bullock also \u2062mentioned\u200d the potential negative effects of the conflict on global economic growth.\u200d She expressed concerns that defense\u2064 and war issues in regions such as Europe could hinder economic growth, which\u200c in turn could have broader implications for inflation.<\/p>\n<p>&#8220;A slowdown in the global economy does not bode well for \u2064inflation. It presents a challenge for central banks\u200d in terms of managing inflationary pressures while also supporting economic \u2062growth,&#8221; Ms. Bullock explained.<\/p>\n<p>Furthermore, Ms. Bullock \u2064acknowledged the human cost of the\u2063 conflict,\u200c emphasizing the tragic \u2062loss of lives and \u200dthe suffering experienced by\u2062 innocent civilians. While her primary focus was\u200c on the economic \u2062implications, she expressed \u2063empathy and concern for\u2063 the \u2064humanitarian\u2063 crisis caused \u2062by the war.<\/p>\n<p>Overall, Ms. Bullock&#8217;s\u2062 remarks underscore the potential impact of the conflict in the Middle East on inflation and the global economy. The \u2062rise \u200cin oil prices and the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/shock-after-shock-central-bank-highlights-israel-hamas-conflict-may-impact-inflation\/\" title=\"Central bank warns Israel-Hamas conflict could affect inflation.\">uncertainties surrounding oil supply pose challenges<\/a> for central banks in managing inflationary \u2062pressures. The ongoing war and its broader economic effects highlight the delicate balancing<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Australia&#8217;s central bank governor, Michele Bullock, has cautioned that the Middle East conflict may affect inflation. She emphasized the surge in oil prices following the Israel and Hamas conflict. Crude oil prices have increased by over 6%.<\/p>\n","protected":false},"author":1,"featured_media":2072680,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-2072679","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2072679","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2072679"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2072679\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2072680"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2072679"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2072679"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2072679"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}