Impact on inflation from fuel price hike to be revealed
THE initial impact of the war in Iran on Australia’s economy is set to be laid out when pivotal inflation data is released. The first set of inflation numbers since US and Israeli strikes on Iran led to the closure of the Strait of Hormuz and skyrocketing oil prices will be unveiled on Wednesday. A large inflation spike in March is expected by economists, off the back of sharp increases to petrol and diesel prices, which have filtered through to other sectors of the economy. Commonwealth Bank economists have tipped inflation to rise almost a full percentage point for the month,