Business leaders around the world expect rising energy prices to trigger inflation in the months ahead.
Rising energy prices and credit market turmoil will continue to hurt the global economy, triggering inflation in the coming year, according to a recent international survey of business executives.
Of more than 1,400 executives surveyed around the world, 37 percent said they believed economic conditions will continue to deteriorate in the months ahead, up from 13 percent six months ago, according to McKinsey & Co., a global management consulting firm.
Another 41 percent said they expect inflation in their home country to rise by one percentage point, up from 30 percent, as the result of higher energy costs.
Despite the weaker outlook, a majority of respondents said their companies planned to boost hiring and training in 2008.