‘Clear and present danger’: fuel prices could rise by 30c a litre across Australia under IMF scenario
The IMF warns that a worsening Middle East conflict could drive global oil prices to $130 per barrel, potentially increasing Australian fuel prices by 30 cents per litre. Such a spike would likely force the Reserve Bank of Australia to consider further interest rate hikes to combat inflation.
Why it matters
Rising energy costs represent a significant inflationary risk that could destabilize household budgets and force central banks to maintain restrictive monetary policies.
Traffic in Melbourne. International Monetary Fund’s World Economic Outlook modelling shows a scenario under which global oil prices could jump to $US130 a barrel. Photograph: Joel Carrett/AAP Traffic in Melbourne. International Monetary Fund’s World Economic Outlook modelling shows a scenario under which global oil prices could jump to $US130 a barrel. Photograph: Joel Carrett/AAP Australia news ‘Clear and present danger’: fuel prices could rise by 30c a litre across Australia under IMF scenario IMF’s World Economic Outlook shows how a worsening Middle East crisis could affect global growth and inflation
Prefer the Guardian on Google An International Monetary Fund scenario where global oil prices jump to $US130 a barrel over coming months could push Australian petrol prices up by another 30 cents and pile pressure on the Reserve Bank to hike interest rates, economists say.
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