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# Australian Import Prices Record Highest Increase in 5 Years

![Daniel](https://app.hubspot.com/settings/avatar/d41d8cd98f00b204e9800998ecf8427e)

 Daniel

August 13, 2026

![](https://442310841.fs1.hubspotusercontent-ap1.net/hub/442310841/hubfs/4.jpg?width=1200&length=1200&name=4.jpg)

Import prices increased 5.7% in the quarter ending June 2026 in data released by the Australian Bureau of Statistics (ABS). The quarterly increase was the highest since the quarter ending December 2021. In addition, prices for imports increased 6.2% over the last 12 months.

The increase in import prices is attributed to the closure of the Strait of Hormuz that disrupted the supply of oil, fertilizer, and plastics. The prices of petroleum and related products increased by 47.1% in the June 2026 quarter, the highest increase on record. Plastics in its primary forms rose by 26.3% for the June quarter.

Higher fuel prices have led to rising global inflation, a strong US dollar and heightened interest rate expectations. Investors have shifted to interest-bearing assets weighing on the demand for gold.

The decision by the US government to impose a new 12.5% tariff on Australian imports will make it more difficult for Australian businesses to compete in the US market. Business Council of Australia pointed out the decision will hurt investment and local jobs. 

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