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Oil producers will also suffer from slowdown

Jeddah: Two days after inflation figures threw up a 13-year high of 11.05%, largely attributed to the hike in fuel prices, finance minister P Chidambaram cautioned oil producers that they would also suffer in case the global economy slows down or slips into recession due to high oil prices. India, he said, had passed on barely 9% of the required price increase to customers three weeks ago and the result was that inflation crossed 11%. Even oil producing countries like Indonesia, Russia, Saudi Arabia and Venezuela face double digit inflation up to 29.3%.

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