IMF warns Middle East conflict will lead to higher prices and slower global growth

Washington-based fund says rising energy and food costs will hit economies worldwide and could leave lasting scars

The International Monetary Fund has warned that “all roads lead to higher prices and slower growth worldwide” should the conflict in the Middle East continue to throttle the amount of oil, gas and fertiliser making its way out of the Gulf.

In a stark message that countries on all continents will be affected, the Washington-based organisation said a rise in energy and food costs would harm economic growth this year and could leave lasting scars on the global economy.