Oil to affect growth not inflation says Eichel

German Finance Minister Hans Eichel said the increase in oil prices will have a stronger effect on economic growth in Germany than on the country's inflation rate.

``One has to be more concerned about the effects this may have on economic developments,'' Eichel said in an interview in Washington. ``The oil price so far hasn't had a noteworthy effect on inflation.''

Rising oil prices are hitting the world's poorest countries the most and may cause ``turbulence'' in financial markets, Eichel said

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