Import prices flat despite rising fuel prices

Prices for imports rose 0.1 per cent in the March quarter 2026 but fell 0.3 per cent over the last 12 months, according to data released today by the Australian Bureau of Statistics (ABS).

Significant price rises in key imports were offset by a stronger Australian dollar this quarter, which saw a wide variety of imports become cheaper. 

Petroleum and petroleum products recorded the highest quarterly rise since June quarter 2022 (9.8 per cent).  

Sue-Ellen Luke, ABS head of prices statistics, said, "The closure of the Strait of Hormuz created a surge in oil prices in the latter part of March quarter 2026."  

"Fuel is a significant contributor to import prices. Petroleum and petroleum products were over a tenth of the value of Australia’s total imports last financial year."

Non-ferrous metals, which includes silver and platinum, and Non-monetary gold rose 16.5 per cent and 10.7 per cent respectively, reaching record highs early in the quarter. 

"These metals act as safe haven assets, with prices usually rising during periods of global economic uncertainty," Ms Luke said.

Prices for exports rose 0.5 per cent this quarter, and fell 1.9 per cent since March quarter 2025.

Key contributors to the rise were gold (up 10.8 per cent), Coal, coke and briquettes (up 5.3 per cent) and Crude fertilisers (up 58.3 per cent). The rise in Crude fertilisers was driven by strong global demand for lithium (e.g. battery and electric vehicle sectors) and low levels of Chinese inventories. 

Offsetting the rise in export prices was Metal ores (down 5.0 per cent) and Gas prices (down 8.2 per cent). The appreciation of the Australian dollar also put downward pressure on the price of Australian exports traded in foreign currency.