Inflation threat as diesel prices shoot up more than 11%
“This increase in the price of fuel is yet another reminder of just how highly susceptible the industry is to the volatility of global oil markets,” says Gavin Kelly, CEO of the Road Freight Association (RFA).“Producer inflation remains elevated, while higher diesel and fuel costs are only beginning to filter through freight, manufacturing and retail distribution.
The September fuel increase is likely to reverse much of that relief and raises the risk of what the Reserve Bank calls “second-round effects”-higher transport and retail prices, stronger wage demands and rising inflation expectations.
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