A 14 per cent fall in oil prices since November is tipped to push inflation to its lowest level since late 2021 and deliver relief to motorists at the petrol bowser.
Brent crude, the global benchmark, finished 2023 at $US77, capping off a volatile year in which oil prices went as high as $US97 in September, before concerns around global demand and increasing supply from non-OPEC producers led prices to fall steadily from October.
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Michael Read is the Financial Review's economics correspondent, reporting from the federal press gallery at Parliament House. He was previously an economist at the Reserve Bank of Australia and at UBS. Connect with Michael on Twitter. Email Michael at michael.read@afr.com
