They have given rise to widespread distress, especially among people who are already living at the subsistence level and also among those in the fixed income group, viz. At one time they constituted 60 percent of our population, but now their number has gone up. Constantly rising prices are like a fire feeding on itself.
Price hike of essential commodities anticipated by traders and analysts ET Bureau Updated: May 26, Traders say prices of edible oils, pulses and spices - essentials in Indian recipes - could rise by per cent as early as next month, as a pummeled rupee drives up the cost of imports.
FMCG companies, too, are mulling a price revision. India aggressively imports vegetable oils and pulses to make up for a shortfall in domestic production. According to trade data, the country imports 3 million tonnes of pulses every year.
For the November to April period, vegetable oil imports stood at 4.
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For the same reason, retailers and liquor companies say that prices of imported food, chocolates and liquor could go up by 10 per cent.
Traders say prices could harden by Rs. Analysts say the weakening rupee will make it difficult to tame inflation. Headline inflation in April rose to 7.
Adding to the woes is lower sowing of urad and arhar in Maharashtra and Karnataka, which is expected to firm up prices of these pulses. Edible oil companies Adani Wilmar, Cargill India and AP Solvex said they would not be able to pass on to consumers the benefit of lower international prices, but instead may have to look at price increase if the rupee remains around the 56 mark.
Mullick said lower production of soybean crop in South America, too, could trigger a price rise. Aseem Soni, director consumer sales at edible oil maker Cargill India, said: India imports almost 70 per cent of its oil and the hike would be to the extent to which the rupee depreciates.
Analysts say a weakening rupee can also drive up prices of fruits and vegetables, as a substantial quantity of fertilisers used in Indian farms is imported. For instance, cardamom prices have gone up by 20 per cent over the last 15 days," said CP Krishnan, director, Geojit Comtrade, a leading commodity trading firm.
Manufacturers say the increase in prices of commodities and that of petroleum derivatives, which are used in packaging, can boost product prices by per cent in the near term.
If prices rise, it will be the third in the sector since March. The finance minister raised excise duty in his budget announcement in mid-March.
The following month saw companies revising prices upward due to a hardening in prices of safflower oil, milk and menthol.
Harsh Mariwala, chairman and managing director of consumer goods firm Marico, said the elasticity of companies to hold on to prices is reducing with the rupee dipping below A dominos effect is likely on prices of imported food and chocolates, which retailers say can go up by as much as 10 per cent.
|initiativeblog.com - The Power of Macroeconomics: Economic Principles in the Real World||If the cost of an object is hiked by five percent, it means that the object costs five percent more than its previous price. It is a reality in India as well.|
|Top 10 Reasons Why Vegetable and Pulses Prices Rise in India | My India||Inflation is being considered as one of the biggest problem of India. There has been a continuous rise in prices of essential consumer products such as grains, vegetables, cooking oil, etc.|
Imported products have a lead time of days before they hit stores. NH Bhansali, CEO finance, strategy and business development at personal care products manufacturer Emami, said the company is tracking price movement of petroleum derivatives to decide on a price hike.
FMCG firm CavinKare, which has till now desisted price hikes by altering formulation, entering into long-term supply contracts, or looking at newer commodity sourcing destinations, plans to raise prices by up to 10 per cent. Price hike is but imminent," chairman and managing director CK Ranganathan said.
CavinKare owns the shampoo brands Chik and Nyle. Hence, companies are trying to increase prices in states where they are yet to register their products for this year. Because importers are getting squeezed, we would have to compensate their margins," said Amrit Kiran Singh, vice-president and area director for Brown-Forman.🔥Citing and more!
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MUMBAI: The cost of essential commodities and other goods could increase due to a hike of around 15% in freight charges this week, transporters said on Monday.
The increase in freight rates is mainly due to a 40% shortage of drivers of heavy goods vehicles in . Essay on Price Hike in India and Common Man – Essay 1 ( words) One of these is rising prices and it is by far the most immediate problem. Because a large part of the Indian population lives on or below the poverty line, this issue impacts them severely.
Since these commodities are essential, price hikes have both economic and.