Price rise, inflation in India: From food items to edible oil rates, what to expect in coming months?

While the prices of petrol and diesel have been hiked by around Rs 10 per litre each by oil marketing companies in the past one month, the rates of vegetables and several other food items have gone through the roof.

Price rises have hit common people across the country. People from almost every section of society are finding it hard to manage their household budget due to a sharp rise in prices of essential commodities, including vegetables, coupled with the steep hike in petrol and diesel rates.

While the prices of petrol and diesel have been hiked by around Rs 10 per litre each by oil marketing companies in the past one month, the rates of vegetables and several other food items have gone through the roof. Apart from these, the prices of other petroleum products, including LPG cooking gas, rose significantly.

Retail inflation soared to a 17-month high of 6.95 per cent in March, according to official data released on Tuesday. This is the third consecutive month that inflation remained above the 6 per cent mark. The previous high at 7.61 per cent was recorded in October 2020.

Retail inflation tracked by the Consumer Price Index (CPI) measures the changes in prices from a retail buyer's perspective.

The Consumer Price Index (CPI) based inflation rose mainly on account of rising prices of essential food items like 'oils and fats', vegetables and protein-rich items such as 'meat and fish'.

Inflation in 'oils and fats' in March soared to 18.79 per cent as the geopolitical crisis due to the Russia-Ukraine war pushed edible oil prices higher. Ukraine is a major exporter of sunflower oil, according to the CPI data.

In vegetables, inflation quickened to 11.64 per cent in March, while in 'meat and fish' the rate of price rise stood at 9.63 per cent compared to February 2022.