Palm oil (symbolic photo)
Inflation latest news: Edible oil is extracting oil from common man. Within the last 1 year, the prices of edible oil have doubled. Their price is expected to reach a higher level in the month of May.
New Delhi. Edible Oil is extracting common man’s oil. Within the last 1 year, the prices of edible oil have doubled. Soya oil benchmark June contract on NCDEX reached a high of Rs 1,454. Palm Oil’s May CPO contract on MCX touched a high of 1249 and is currently trading near Rs 1,245. Still won’t get relief The growing fear of an epidemic may adversely affect the demand for edible oil in the near term and stop the price rise. For the next few days, soy and palm oil prices may remain somewhat controlled, but may not remain so for long. Their price is expected to reach a higher level in the month of May. Also read- This 33-year-old man became a millionaire in 4 months by investing money in Dogecoin! Learn Success TrickLearn how expensive oil has become The burden of inflation is also increasing on the common man who is suffering from Corona. In a year, prices have gone up to twice as much as from palm oil to groundnut, sunflower and mustard oil. The price of palm oil was Rs 76 per kg in May 2020 but after 1 year i.e. in May 2021 its price has increased to 137 per kg. While the price of groundnut oil was Rs 120 per kg in May 2020 but after 1 year i.e. in May 2021 Its price has been 196 per kg. Due to dependence up to 70 per cent, international prices contribute to this. Due to Corona, the supply chain is also disturbed. In countries like Malaysia and Indonesia, production has also come down due to Ramadan and lockdown. Also read- Put money in this policy of LIC, there will be no tension of monthly expenses! You will get 9 thousand rupees every month
Prices of chocolate, pastries, soaps have increased Due to the rise in the price of edible oils, now the cost of companies producing products like chocolate, pastry, soap, lipstick and biofuel will increase and their prices will also increase. However, this effect is clearly seen. Inflation of edible oils is now turning into general inflation. The cost of everything from restaurant food to chocolate, pastry, soap, lipstick and biofuel is increasing and now their prices will also increase. According to experts, not only will the demand fall due to corona and rising inflation, the food habit of the Indian customer can also change.