How the conflict in Ukraine will be felt on Australian shores
The conflict between Ukraine and Russia is likely to increase the cost of living in Australia.
The price of oil surged past $100 a barrel for the first time since 2014 this week after a full-scale military assault was ordered on Ukraine.
Russia is the world’s second-largest exporter of crude oil and with much of the world bringing in harsh sanctions, it’s caused a spike in prices.
Australian Financial Review Economics Editor John Kehoe told Neil Breen it’s not just at the bowser we’ll notice price rises.
“Petrol, fuel, diesel, it’s all a key ingredient to the whole economy,” he said.
“Things need to be transported from the farm to the supermarket shelf, airline tickets could go higher, … so that could really flow into inflation across the whole economy.”
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