Price rise: Nine in 10 households cut consumption, savings to cope with edible oil rate spikes, says survey
India Today
Overall, 91 per cent or nine in 10 of households surveyed have either cut consumption or paid more for it by reducing expenditure and savings, according to a survey by citizen engagement platform LocalCircles.
The rise in edible oil prices over the last 12 months pinched low-and middle-income households across India. Prices of most edible oils that are used in Indian households for cooking have increased 50 per cent to 70 per cent more than pre-covid pandemic levels, according to a survey.
To cope with the spike in edible oil rates, 24 per cent of Indian households surveyed have cut consumption while 67 per cent of respondents were paying more for it by reducing spending and savings. Overall, 91 per cent or nine in 10 of households surveyed have either cut consumption or paid more for it by reducing expenditure and savings, according to a survey by citizen engagement platform LocalCircles.
While 50 per cent of households said they were "consuming same amount as before and paying more each month from savings" and 17 per cent said they are "consuming same amount as before and paying more each month by cutting discretionary spending," the survey stated.
There were 24 per cent of households who "have reduced monthly consumption and spending same as before", according to the findings of the survey.
Preffered edible oil in Indian households are mustard oil, sunflower oil, peanut oil, canola oil, sesame oil, coconut oil, soyabean oil, palm oil, and olive oil. The survey received more than 36,000 responses from household consumers across 359 districts.
Meanwhile, the rise in prices of edible oils has also been forcing some of the low and middle income to opt for cheaper and low-quality oils, which in the long run can potentially lead to health risks, including thyroid, stomach cancer and weaker intestines, the survey said.
According to the survey, with edible oil prices rising over 50 per cent in a year, 29 per cent of Indian households surveyed have downgraded their cooking oil.
