News Summary

• Petrol and diesel prices have climbed sharply since the conflict began on Feb. 28.
• The RBA responded by lifting the official cash rate by 25 basis points in February and again on March 18 to 4.10%.
• Senior officials have explicitly linked the move to war-driven energy costs that are "making us all poorer" RBA Governor Michele Bullock and other officials have warned that sustained high oil prices could add 0.75 to 1.25 percentage points to headline inflation, depending on duration and severity.