About 29% of Indian households have reduced the quality of edible oil, and 17% have reduced their consumption, and rising commodity prices, according to a new report.
One in two households is experiencing the effects of inflation through inflation, and consumers are demanding that the government intervene in black marketing, asset collections, unfair trade practices and even restricting trade in edible oil, a local social media report LocalCircles reported. it said.
The report said government intervention would ensure that manufacturers do not charge prices to consumers. LocalCirles will add the findings of this study to government participants, he added.
Prices for cooking oil including sunflower, peanut and canola oil have risen 50-70% above pre-Covid levels, fueled by ongoing national tensions.
India imports about 85% of soybean oil from Argentina and Brazil, 90% of sunflower oil is imported from Russia and Ukraine, while Indonesia and Malaysia are the largest exporters of palm oil in India.
The report said rising oil prices continue to hamper household budgets and spending patterns. In December last year, the government reduced tariffs on refined palm oil to 12.5% from 17.5% to control tariffs. But with the exception of the median contribution of consumer oil prices in wholesale food prices to 1.3% from 3% in FY-21, the prices of these commodities remain much higher than pre-epidemic levels.
As edible oil prices have risen sharply in the past 12 months, half of households say they eat the same amount as before and pay more each month to save. The report warns that rising oil prices are forcing low- and middle-income households to choose cheaper and lower-quality oil, which could be detrimental to health.