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NAB warns rising petrol prices could drive inflation above 5 per cent
Fuel prices hit more than $2.25 in Sydney today. (ABC News: John Gunn)
Global oil prices have spiked dramatically amid war in the Middle East, with Brent crude rising more than 25 per cent this afternoon.
Petrol prices have surged, with some motorists reporting prices as high as $2.42 a litre in WA.
Economists at NAB warn inflation could peak above 5 per cent as fuel prices rise due to the skyrocketing cost of oil.
Oil prices climbed 25 per cent today, with Brent crude surpassing $US115 a barrel, as analysts label it a "furious rise" amid war in the Middle East.
Australians have already felt pain at the petrol pump, with fuel prices as high as $2.42 in parts of the country and wholesalers restricting supply.
Expanding Middle East war to loom over domestic economy
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Events in the Middle East will cast a shadow over Australia's economy with the widening conflict potentially impacting inflation.
While this week will feature a lull in the volume of major data released, developments in the Middle East will be watched keenly by the Reserve Bank for any sign of impact on domestic markets.
The central bank's governor, Michele Bullock, warned on Tuesday it would be too early to tell what the effect would be, with supply shocks adding to inflation pressures.
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Not just petrol: what else could Iran war cost Bendigo residents?
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The pain could get "a lot higher" for Bendigo residents, a local real estate agent says as people race to understand the long-term economic effects of inflation.
It comes as shockwaves from the fight over Iran's future reverberate through more of Bendigo household finances than petrol prices.
Multiple petrol stations ran out of unleaded petrol over parts of the weekend and many people have been stocking up as prices surge.
While it is still too soon to understand the long-term economic effects of the Middle East conflict, PH Property director Brad Hinton has warned if interest rates were to go up the pain would be "a lot higher" for those with high mortgages.
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