NAB says inflation could hit FIVE PER CENT later this year

NAB has warned inflation is now on track to surge to five per cent for the first time in three years, as the war in the Middle East sends Australians scrambling to fill up their tanks.

Sydney drivers are already being slugged an average of $2.15 a litre for basic 91‑octane unleaded, barely below the $2.20 motorists paid at the height of the 2022 price shock triggered by Russia’s invasion of Ukraine.

Analysts say even a small rise in crude oil prices could push Australian petrol costs to new all‑time highs within days.

The escalating conflict is choking crude oil shipments through the vital Strait of Hormuz, forcing United Petroleum, Australia’s biggest independent fuel retailer, to ration supplies to distributors as pressure on global supply intensifies.

More to come…