Australians can expect the price of some essential goods such as fuel, groceries, and manufactured goods to go up as global supply chains reel from the disruption caused by the Ukraine invasion and new sanctions imposed on Russia.
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At the bowser
Petrol prices, already at seven-year highs, could continue to climb as the conflict pushes up the cost of crude oil.
"What we are seeing is the highest prices on record. We are seeing record prices across regional parts as well," NRMA spokesman Peter Khoury said.
According to the Australian Petroleum Institute, the average national weekly price for petrol on Sunday was 180.6 cents per litre, with the total metropolitan average sitting at 181.1. While the regional average was slightly below at 179.8 cents, it was rising more rapidly.
"Russia is a major oil producing country, so with sanctions now enforced on Russia, that will put the price of oil up," Mr Khoury said. "In addition to that, oil producing countries have not maintained supply levels as demand for oil has increased."
He believes people in regional areas will be more affected by petrol price jumps.
"Regional people tend to travel longer distances, so immediately they're at greater risk of exposure. People in regional areas don't have access to the sort of public transport that we've got in the city areas and they tend to drive larger vehicles," he said.
The price of diesel has become even more expensive than petrol, which Mr Khoury said is "uncommon".
"[For] people in farming communities, diesel is such an important fuel. The Australian economy runs on diesel - transport, farming, agriculture. Whenever diesel prices go up, those industries have been impacted particularly hard."
At the supermarket
Rising fuel costs are also forcing farmers to cut back on production.
Kevin Tongue, a farmer in Loomberah near Tamworth in regional NSW who grows barley, wheat and oats for stock feed, is planting less.
"Diesel in the last week has gone up 10 cent a litre here in Tamworth; it's 185.9 cents a litre. That is a huge cost," he said.
"It is a huge burden on agriculture - all aspects of it - the grain-growing industry, the cotton industry, the irrigation industry especially.
"It's just going to make it more difficult for everyone in agriculture," he said.
Mr Tongue said the diesel price hikes will likely be passed onto the consumer at the supermarket.
"The cost of transport is going to have to increase to cover the cost of fuel, because 90 per cent of our produce to grocery stores and supermarkets is carried by road freight and they are big diesel users and so it is all going to rise and the consumer is going to have to pay for it somehow."
In the bread aisle
Since Ukraine - often referred to as the 'bread basket of Europe' - and Russia are two of the major global exporters of wheat, chief executive of Grain Trade Australia Pat O'Shannassy said the impact of the conflict will ripple through to other markets.
"What this situation is doing is creating a lot of uncertainty around the ability for grain to be exported out of Ukraine or Russia," he said.
"Volatility and uncertainty are two things that really stress markets."
Damaged infrastructure, fewer people working, and sanctions will affect Ukraine and Russia's ability to finance and carry out trade.
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The export uncertainty will reduce supply, and reduced supply will result in increased prices.
However, Mr O'Shannassy said everyday Australians may not feel the effects of disrupted European grain trade because of Australia's record export crop last harvest.
"You won't necessarily see a one-to-one move in prices between the global markets and Australian markets because of the large crops that we've got," said Mr O'Shannassy.
"We've got plenty of supply down here."
At home
Despite fuel prices increasing, the sanctions imposed on Russia could actually help some Australian industries, like gas, University of Technology Sydney (UTS) industry professor and economist Tim Harcourt said.
"As an exporter, it's quite good for Australia in a sense that all the things we export, the Russians export," he said. "So anything causing strains in the supply chain - causing the prices of natural gas to rise - that's actually probably going to benefit Australia in the short run."
Russia is currently the number one exporter of LNG, with Australia number 10 in the world, however sanctions could change that.
"In terms of LNG, that'll probably just improve our bottom line, particularly because we export so much from Western Australia and Queensland and [the] Northern Territory. So that's probably going to be a positive," Professor Harcourt said.
In the office
Russia is a also an exporter of metals such as aluminium, nickel, copper, iron, palladium and platinum, used to make things like cars and microchips in computers.
Russia's trade conditions are similar to Australia's in that it has a competitive advantage in oil and gas but imports most manufactured goods, which could be affected by sanctions, Professor Harcourt said.
"So it could definitely hurt Russia's terms of trade. But it could impact ours as well, even though we're not going to have supply issues quite the same way as Russia will," he said.
But we might see an increase in the price of electrical goods, such as computers and TVs, as well as auto parts.