The International Oil Price Fluctuations For The G20 Impact Study Of The Consumer Price Index

Oil is important to the development of modern industrial raw materials, is the blood of the modern economy. As the world economy, a further rise in the world demand for energy.2013 world oil consumption reached 4.548 billion tons,, an increase of 1.4% over 2012, accounting for 32.9 percent of the world’s total energy consumption, the highest in the world. International oil prices in 2014 have experienced huge declines in six years from 2014 international oil prices fell to $ 107 from $ 43.58 in January 2015, a drop of 59.05%. In its lead, China’s oil thirteen losing streak, the consumer price index in 2014 was 2%, well below the government’s 3.5% target. International oil price volatility uncertainty largely affected the stable development of the world economy. So study the impact of international oil price fluctuations on the consumer price level, in order to cope with the risk of inflation fluctuations in international oil prices, in order to maintain the stable operation of the world economy has important practical significance. Currently, scholars often in previous studies from simple linear study of international oil price fluctuations affect the price level for consumer, and often limited to areas of a country, a separate limited impact of international oil price fluctuations on a country’s economy, will be weaken the real impact of international oil price fluctuations. Fluctuations in international oil prices affect all aspects, while the consumer price index is important as a measure of a country’s price level and the spending power of residents, so explore the impact of international oil price fluctuations on the consumer price level will have a value.On the basis of past international economic impact of oil price fluctuations on the summary of the factors affecting the international oil price fluctuations are analyzed based on the above background, this paper, the international oil price fluctuations on the transmission mechanism of the consumer price index were explored. STR using nonlinear methods to explore the relationship between international oil price fluctuations of national consumer price index, rather than confined to a simple linear relationship. Firstly, based on China’s realities are analyzed vary according to Chinese domestic oil pricing mechanism, the first time the analysis is divided into three stages. G20 countries will expand the sample to make the findings more representative. In order to make a more rational analysis, the article uses the foreign oil dependence on the national classification analysis.Were analyzed by using the STR method, found that as the degree of China’s domestic oil prices and international standards to improve the impact of China’s consumer price index by the international oil price fluctuations deepened. By analyzing the international oil price volatility for the G20 countries affect the consumer price index was found, G20 countries, the developed countries to developing countries with respect to the residents affected by the consumer price index of smaller international oil price fluctuations; through foreign oil dependence are divided into different types country, by comparison, residents of the country’s oil resources scarce relative to the country’s rich oil resources in the consumer price index more vulnerable to fluctuations in international oil prices. Finally, put forward China’s oil security strategy for China in the international situation currently facing.