The Effects of Oil Price Hikes on Economic Activity and Inflation published by OECD (2011).
Commodity prices have risen considerably since mid-2010. Oil prices (Brent) have risen by about 40%, with the bulk of the increase having taken place since December (Figure 1). Prices of food and agricultural commodities, metals and minerals have risen faster than in the summer of 2008. Higher energy prices have contributed to rising food prices, because energy accounts for over one-third of the costs of grain production.
