Petrol prices have jumped by more than 7 per cent in the last quarter, and two key factors threaten to keep prices up.
Petrol prices have jumped more than seven per cent in three months as volatility in oil markets and the weakening Australian dollar threaten to keep up prices. Motorists have been commonly paying more than $2 a litre, though the average price as measured by the Australian Institute of Petroleum dipped just below that last week. The decision of oil-producing countries to slash supply, the war in Ukraine and the weaker Australian dollar have been keeping pressure on fuel prices.
St George also expects the RBA to stay on hold in November although economist, Jarek Kowcza, from the bank said there were still upside risks to the inflation outlook that could keep pressure on the central bank. The economist said elevated prices at the pump could pose a problem for headline inflation readings, if they stick around.
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