Food and drink costly, inflation affects your EMI due to rising oil prices

When petrol and diesel prices soared, production costs increased, and wholesale inflation reached record levels. Wholesale inflation reached 12.94%. It was -3.37% in May 2020. At the same time, the retail inflation rate stood at 6.26%, which was slightly lower in June compared to May. It was up 6.3% in May and 4.23% in April.

Inflation has increased with the increase in petrol and diesel prices. Food items were 5.01% more expensive in May. This rate was 2.02% in April. Of these, mainly edible oil, fruits, eggs, meat-fish, vegetables and ghee contributes the most. In addition, spices, sugar and legumes are also expensive. Oil and ghee are very expensive. They jumped about 31% in a month. Prices for eggs and cold drinks increased by 15-15%.

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The central government has given the Reserve Bank the responsibility to keep the retail inflation at 4 percent with a 2 percent difference, but the retail inflation data, based on the Consumer Price Index (CPI), is also out of the scope of the Reserve Bank. It is between 2-6%. Prior to this, retail inflation remained in this range for five consecutive months. The bank takes into account retail inflation when setting policy rates. Your EMI will not decrease if this rate is higher.

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Pranab Sen, the country’s former statistician, told ‘Hindustan’ that the second wave of coronation peaked in May and has had a greater impact in rural areas. This caused the supply network to have a bad effect.

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