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The New Daily
The New Daily
World
Matthew Elmas

‘Inflation psychology’: Ukraine war squeezes Australian motorists as nations ban Russian oil

RBA governor Philip Lowe says households will see the effects of the Ukraine war at the petrol pump. Photo: AAP

Australians are being slugged with higher petrol prices as the war in Ukraine threatens to usher in a sustained period of higher inflation.

The bowser squeeze worsened on Wednesday when the US and UK banned Russian energy imports in a move that put further upward pressure on decade-high oil prices.

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