MELBOURNE, Australia, May 03, 2022 (GLOBE NEWSWIRE) -- The impact of Ukraine and Russia's conflict has been seen across the globe - socially, politically and economically. Halal finance provider Hejaz Financial Services explains the economic effects of the war that will be felt here in Australia by way of supply chain impacts.
Already, Australian consumers have complained of drastically increased petrol prices, reports the Halal home loan providers. Motorists have seen petrol prices soar to over $2 per litre; worldwide, the price of a barrel of oil has risen more than 10 percent and the price of petrol is up by 20 percent. Hejaz Financial Services explains that this is because both Ukraine and Russia are leading suppliers of oil and other commodities - currently, they supply approximately 30 percent of the world's oil and gas. Although the ACCC is closely monitoring fuel prices as directed by the Federal Government, Hejaz warns that consumers may not see drops down to regular prices for a long time yet.
Along with petrol, Australians have experienced a significant rise in supermarket prices. Around 20 percent of the world's corn and 25 percent of the world's wheat comes from Russia and Ukraine, driving up the prices of all wheat and corn products around the world. Supermarket officials also report a rise in red meat and packaged goods prices. Paired with the increased fuel prices affecting supply chain and transportation, the Islamic finance suppliers predict that many more supermarket items may rise in price.
For those looking ahead toward retirement, the Halal loans expert advises that superannuation fund balances may drop in the near future as global share prices experience a fall. Share markets have fallen since the beginning of the Russia-Ukraine conflict; in particular, retail, materials and financial companies have felt the effects the most. As the conflict grows, so too will inflation, according to experts. Although economic growth may be limited in Australia, Hejaz reassures consumers that they will maintain access to Sharia loans and other financial services.
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