Australian businesses are under fire from both sides as conflict in the Middle East drives up prices and weakens demand.
After first lighting a fire under fuel costs, the impacts of the US-Israeli-led war in the Middle East have begun flowing through the rest of the Australian economy, adding to price pressures, the most recent Deloitte Access Economics Retail Forecast found.
Fuel, energy, plastics and fertiliser prices have surged while the rising cost of living is squeezing household budgets and dampening consumer spending.
