Over the past six months, the price of edible oil has decreased on the global market, but this trend has not been reflected in domestic costs. Prices did not decrease despite peanut, soybean, and mustard bumper crops. The Center’s intervention should provide some solace.
Source: Odisha TV
The industry representatives have been requested to make sure that the benefit of duty reductions is passed on to consumers and that the maximum retail price is reduced with immediate effect. Companies have made the decision to lower cooking oil prices by up to 6%. A well-known company has already disclosed a reduction of Rs 15u201320 per litre across all types.
Lower and middle class households have been reducing the amount of cooking oil they consume as a result of the financial crunch. Many people have reduced their consumption. According to government data, even though retail prices have decreased over the past year, the decrease has not kept pace with the decrease in worldwide prices. Due to the falling prices, imports of edible oil have also increased significantly.
The price of edible oil is expected to drop, which will proportionally lower retail inflation. In March, retail inflation softened to a 15-month low, falling below the Reserve Bank of India’s upper limit. The typical Indian, though, continues to be on the receiving end.
Source: CNBC Awaaz
Statistical evidence suggesting that India’s food inflation is mild when compared to that of several other nations does little to provide comfort. For instance, milk costs have increased since 2022 and are not expected to decrease. The trajectory of the monsoon and the price of crude oil, which continue to carry the risk of inflation, will be taken into account during the next review of monetary policy in June.
What do you think about this? Comment below.
