Rising oil prices driving up prices, is this the inflation we need?

2026-03-10 07:13:19

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In January-February 2026, China’s CPI and PPI increased by 0.8% and decreased by 1.2% year-on-year respectively, and the GDP deflator for the first quarter may still be in negative territory. The March “Government Work Report” explicitly states the need to “push the overall price level from negative to positive and achieve a reasonable and moderate recovery in consumer prices.”

Meanwhile, tensions in the Middle East suddenly escalated, with the US-Iran conflict intensifying and causing sharp fluctuations in international oil prices. In late February, ICE Brent crude oil hovered around $70 per barrel, but by March 9, it approached $120 per barrel, reaching a new high since June 2022. On March 10, influenced by Trump’s statement that the conflict would “end soon,” oil prices retreated below $100 per barrel.

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