[2] And in Australia, the price of petrol at the bowser increased by 32 per cent over the past year (Graph 4). The direct effect of this alone has been to add 1.2 percentage points to Australia’s CPI inflation, and on top of this there are second-round effects of higher fuel prices.
3  Graph 4  Automotive Fuel Inflation Year-ended %  %  20  20  0  0  -20  -20  -40  1992  1998  2004  2010  2016  -40 2022  Sources: ABS; RBA  While this lift in energy prices explains some of the surge in inflation, it is by no means the full story.