Global energy prices have shot upwards after the US and Israel unleashed war in the Middle East, but just how far those shocks will ripple across the economy remains unclear.Still, the spectre of "stagflation" -- high inflation coupled with stagnant economic growth -- once again looms over the global economy in the event of a prolonged conflict.- What is the global risk of inflation? -The risks are still highly uncertain at this stage, as they largely depend on how long conflict lasts.