IMF warns on global inflation

John Lipsky, IMF deputy managing director, said “inflation concerns have resurfaced after years of quiescence” due to soaring energy and food prices. Mr Lipsky said global growth was slowing but headline inflation was “accelerating”.

The IMF warning came as crude oil prices hit a record of almost $124 a barrel, up 99 per cent in the past 12 months, and customers scrambled to take out insurance against prices rising above $200 a barrel.