Import prices in Australia surged 5.7% in the June quarter 2026, the largest quarterly increase since December 2021, according to the Australian Bureau of Statistics. The rise was attributed to the closure of the Strait of Hormuz, disrupting global supplies of oil, fertiliser, and plastics. Petroleum and related products prices jumped 47.1%, the highest quarterly increase since 1983, while fertilisers (excluding crude) rose 25.1% and plastics in primary forms increased 26.3%. Non-monetary gold offset the rise, declining 9.1%. Export prices rose 1.1% quarterly and 3.9% annually, driven by coal, petroleum, and crude fertiliser demand. Non-monetary gold also fell 8.8% in exports.
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This article is a summary of content originally published by the Australian Bureau of Statistics.
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