The energy price shock has pushed central banks back into familiar territory. Headline inflation is rising again, but the implications for policy differ sharply across countries. For Switzerland, the key point is simple: higher oil prices will have only a limited effect on inflation and are unlikely to trigger a monetary tightening by the Swiss National Bank. Small open economies are often seen as particularly exposed to energy prices, and some are already reacting. The Monetary Authority of Singapore tightened policy this week, citing the risk that higher energy costs could feed into broader inflation through ... (full story)