Our CIO Jason Smith provides some brief thoughts on the possible impact of the conflict on inflation. World economy inflation shock set to worsen  - Russia’s pivotal role in global energy supply cannot be downplayed. - Russia accounts for 40% of EU imports of natural gas, and about 30% of its crude imports. - Capital Economics now forecast that Brent oil prices could rise to $130pb and European gas prices to €180 per MWh in the next few weeks.