For decades, central banks treated oil shocks as temporary, something to wait out, not hike rates over.

And that’s because raising rates in this case can slow growth without bringing down the price of a single barrel of oil.

But this time might be different.

Oil surged past $100 a barrel last week.

Six months into the Iran war, the Strait of Hormuz remains disrupted and Houthi advances threaten Saudi oil supplies, too.

Energy costs are feeding through into household and business bills.

That is forcing policymakers to reconsider the old rulebook even though tighter policy means higher borrowing costs.