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Australia is obviously facing a renewed inflation shock driven by soaring petrol and diesel prices.
Chart by Alex Joiner at IFM Investors
Around half of the CPI inflation basket is affected by higher fuel prices, reflecting that virtually every good transported into and around Australia relies on diesel-powered transport.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.