Higher inflation is the first effect of higher oil prices.

The effect of rising oil prices on electricity bills is likely to be relatively modest.

And he seemed slightly less worried than in previous months about the effect of high oil prices on consumer prices.

The effects of higher oil prices may ripple through industries that, at first glance, seem remote from oil.

Their stated aim is to work together to promote biofuel production and reduce the effects of high oil prices.

But others note that the worst effect of oil prices scrapping along at current levels could be psychological.

The effects of lower oil prices would be felt well beyond the Middle East.

"August, however, was never going to be the starting point, with the lagged effects of higher oil prices."

Fighting inflation was still the bank's primary objective, and it remained worried about the ripple effects of higher oil prices.

The World Bank has looked more deeply at the effect of oil prices in the developing countries.