High oil prices and their impact on local economy

AmBank Group chief economist Anthony Dass, (pic) who is projecting oil price to touch US$120 (RM504) to US$150 (RM630) a barrel this year, told StarBiz that while the increase in oil price would bode well for the economy, it would escalate into a higher cost of living

PETALING JAYA: Soaring oil prices sparked by the Russia-Ukraine war could impact the domestic economy, fanning inflationary pressures and higher cost of living.

While rising oil prices would boost the government’s revenue, the higher cost of living would burden the lower income segment and smaller businesses, according to economists.