Oil’s Dive Won’t Bring Any Immediate Relief on Inflation

Anyone hoping that the recent slump in oil prices will bring a quick fix for rampant global inflation needs to think again.

While Brent crude has shed 10% in the past few weeks, retail prices all over the world for products like gasoline and diesel haven’t fallen anywhere near as fast — and are often still rising.

In the US, pump gasoline prices are just a few cents below a record of more than $5 a gallon set earlier this month. The UK continues to set daily retail fuel price records, while in Singapore prices are hovering close to the highest ...