What is the effect of petrol on inflation

[Malibu#27]

For an economic novice ... does anyone have any idea how signidficant world oil prices are on inflation.

Ie - if we took out 'all' other inflationary factors and only considered the effect of rising world oil prices, and the knock on costs of delivery and ttransport costs, would our inflation rate still be relativly high ?

 

[Perrin]

For an economic novice ... does anyone have any idea how signidficant world oil prices are on inflation.

Ie - if we took out 'all' other inflationary factors and only considered the effect of rising world oil prices, and the knock on costs of delivery and ttransport costs, would our inflation rate still be relativly high ?

Not sure - oil has gone from $18 US a barrel to over $100 US in just 6 years. The rise in Australia has been less due to our dollar been much weaker back in 2002 but the oil price rise would still be staggering. And oil prices are only going to get worse

 

[Eastern Rangers]

More than people suspect. Oil touches everything.