Australian households face prospect of interest rate hike and petrol prices rising above $2 a litre

Economists’ warning comes as escalating Middle East crisis pushes global crude oil back above $US100 a barrel

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Australian households face the prospect of a Reserve Bank interest rate hike and petrol prices above $2 a litre over the coming weeks, economists warn, as the escalating Middle East crisis pushes global crude back above $US100 a barrel.

Financial markets now see an even chance the RBA board will deliver a fourth cash rate increase at the next meeting on 11 August.