Soaring prices of lesser known commodities that are being blockaded by Iran through the Strait of Hormuz are ripping through the Australian economy and pushing up inflation that could last well into next year.
Judo Bank’s chief economic advisor Warren Hogan warned that a price spike in urea, a nitrogen fertiliser used by corn, wheat and rice farmers, and chemicals used in making plastics, could turn “catastrophic” for Australia if the Iran war lasted longer than six weeks.
