Why the Middle East war could push up prices on anything wrapped in plastic | The Business
Manufacturers are warning there could be price rises on a range of everyday groceries because of plastic packaging shortages. Conflict in the Middle East is choking supply chains. Products including milk, medical supplies and cosmetics are affected.
Both Coles and Woolworths have confirmed they’ve raised the price of homebrand milk due to higher costs including packaging.
Iran’s effective blockade of the Strait of Hormuz is upending the plastic supply chain dependent on a byproduct of oil.
Supplies are dwindling and this is driving up prices with fears some could run out of packaging all together if the conflict continues.
Nestle, which also needs resin for its chocolate wrappers, is one of the major brands calling for renewed focus on the circular economy.
The Environment Minister says the plastics crisis could be the trigger to fix Australia’s broken recycling system.
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