The study looked at how oil price changes affect inflation in G7 countries from 1997 to 2019. They found that the US is most affected by oil price shocks. Different types of oil price shocks have varying impacts on inflation, with supply shocks being strong before the financial crisis but weakening during it. Demand shocks, on the other hand, had a stronger effect during the crisis. Risk shocks mainly affected inflation during financial and European debt crises. These findings can help policymakers and manufacturers understand how inflation responds to oil price shocks in different situations.