If turbocharged petrol prices are driving up inflation, then why are Australia’s unemployed on the line?

‘Without the increase in petrol prices driven by the war on Iran, inflation in August would have fallen,’ Greg Jericho writes. Photograph: George Chan/AAP

And here we are again. Hello darkness my old friend. Interest rates up again and talk of a recession if needed.

The Reserve Bank’s enacting legislation gives it a dual mandate – “price stability [ie stable inflation] and the maintenance of full employment in Australia”. But in reality the RBA seems to ignore the “full employment” aspect overall and we now need to worry about a recession.