22 June 2026 | 10:58AM SGT Economics Research ASIA ECONOMICS ANALYST Food inflation in ASEAN - When oil shock meets El Niño Key Messages: A potential food inflation shock ahead The conflict in the Middle East has driven crude oil prices sharply higher, while the initial blockade of key shipping lanes has squeezed fertilizer supply. The first-round inflation impact is straightforward: higher oil prices show up first in fuel-sensitive components such as transport and airfare. However, the second-round inflati ...