Rising edible oil prices crunch family budgets, survey shows

24% of Indian households have cut down on edible oil consumption, while 67% are paying more for it by reducing other expenses and spending from savings, finds a study by LocalCircles

At a time when edible oil prices have skyrocketed on account of the Ukraine-Russia war, a LocalCircles survey has found that 24% of Indian households have cut down on consumption of the commodity, while 67% said they were paying more for it by reducing other expenses and spending from savings.

While 50% of households said their amount of consumption was the same as before and they were paying more every month from their savings, 17% said they were consuming the same quantity as before, but were paying more each month by cutting down on discretionary spending.

LocalCircles said 24% of households had reduced monthly consumption of edible oil and were spending on the same as before.

“On an aggregate basis, the findings suggest that as edible oil prices have risen, 24% of Indian households have cut consumption, while 67% are paying more for it by reducing spending and savings. This question in the survey received 12,527 responses,” LocalCircles said.