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Crude Oil Price Changes and Inflation: Evidence for Asia and the Pacific Economies

Jiranyakul, Komain (2021): Crude Oil Price Changes and Inflation: Evidence for Asia and the Pacific Economies.

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Abstract

This paper examines the influence of crude oil price on inflation in seven Asian and two of the pacific economies. The period of investigation is from 1987M5 to 2019M12. The results of cointegration tests reveal that there is stable positive long-run relationship between consumer price index and crude oil price in these countries. In the short run, there is unidirectional causality running from crude oil price change to inflation in most cases. The findings suggest accommodative monetary policy measures to combat high inflation rate.

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