"there is a high chance that this surge in the price of oil has...

"there is a high chance that this surge in the price of oil has had an impact on the inflation rate being pressured higher."

Yes, and OPEC just had an emergency meeting. They are planning to cut production more and do special deals with China. (See here.)

To add fuel to the fire, China has announced it is dropping interest rates and commencing QE - which will devalue the Yuan (see below). This will create a huge imbalance and a trade war, and Yellen is screaming. The US will be the worst hit because it has the highest valued currency, highest interest rates and highest costs (after giving everyone big pay increases and seeing oil go up in price).

Now we know why the Chinese Foreign Minister was here dropping the tariff on Aus wine. Because Albo has agreed not to put tariffs or taxes on Chinese goods - especially cars and solar panels. This will make US, European and Japanese cars uncompetitive (especially EVs). BTY, the basic wage in China is: US$370 per month. How do you compete with that?

Manufacturers everywhere are all going to be forced to cut prices and costs or go broke - and that means job cuts.

If you watch these two videos, it explains everything perfectly . . .