The recent resurgence in the price of crude oil has led to speculation that, in a repeat of what happened at this time last year, a spike in energy prices could undermine real economic growth just when the recovery appears to be gathering momentum again. However, the recent $15 a barrel rise in the price of Brent crude oil, to just over $125 a barrel, represents a relatively modest increase, so the overall impact on real consumption should be pretty modest.
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