Political turmoil has raged across much of North Africa and the Middle East in the early months of this year, contributing to an upsurge in world oil prices that is part of a broader upturn in most commodity prices and in overall consumer price inflation. Meanwhile, a historic earthquake and tsunami have devastated parts of northern Honshu and crippled a major nuclear power plant. A powerful earthquake has also hit the southern island of New Zealand, and Queensland in Australia has suffered an enormous flood.
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