Inflation fires are raging in the world, including India, but the price of goods in India is much higher than in other countries. The price of edible oils has risen by 30 to 40 per cent in the last one year. This increase in inflation is not due to a decrease in output or an increase in demand, but rather a decrease in demand and an increase in cost.
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With the exception of edible oil and petrol and diesel, the price of LPG has also increased, which is hitting consumers all over. In terms of inflation, the situation is similar in the US, China, Russia and Brazil, but the situation in India is more challenging. Despite the low demand, inflation rises will surprise experts. Experts say supply chain disruptions can be a major contributor to inflation. Apart from Corona, the supply chain is suffering from natural disasters and other causes.
The effect of oil on freight transport
Petrol and diesel prices have increased by nearly 25 per cent in the last one year. Experts say this should directly raise inflation by 2.5 per cent. But cargo shipments have almost doubled during this period. Because of this, inflation has increased faster than expected. It affects the pockets of ordinary people.
Inflation is on the rise in India
According to World Bank statistics, there is a drop in inflation rates in the US, China, Russia and Brazil in 2020. In India, this is a fast trend. The inflation rate in India is close to four per cent in 2019 and is projected to rise to seven per cent by 2020.
How high the price is
The price of mustard oil was Rs 138 per liter on July 1 last year. Now, it costs Rs 170 per liter. Similarly, soybean oil has increased from Rs 105 to Rs 138 per liter. At the same time, petrol has increased from Rs 80.43 per liter to Rs 100 and diesel has increased from Rs 80.53 per liter to Rs 90 per liter.
