‘Makes Covid look like a tea party’: Australian food prices could rise for the next year, farmers warn

Dairy farming co-op boss says consumers should expect to pay more for milk in the short term, with 30-50 cents a litre price hikes not ‘unreasonable’. Photograph: Blake Sharp-Wiggins/The Guardian

Farmers say Australian consumers could pay more for everyday staples for the next year at least as a result of the US-Israel war on Iran.

But the CEO of dairy farmer cooperative Norco, Michael Hampson, says a six- to 12-month disruption to food supply is likely a best-case scenario, depending on the strait of Hormuz reopening soon and global petrochemical supply chains beginning to stabilise.