Centre tracking domestic edible oil prices, say sources
The Ministry of Consumer Affairs monitors stable domestic edible oil prices amid improving import stocks. Analysts predict current price ranges will persist for 2-3 months. This development coincides with cooling fuel prices and consumer inflation at 4.75% in May, down from 4.83% in April. The RBI maintains an inflation forecast of 4.5% annually, with projected retail inflation at 4.9% for April-June and varying between 3.8% and 4.6% for subsequent quarters.
Edible Oil News: The Ministry of Consumer Affairs, Food and Public Distribution is keeping a close watch on domestic prices of edible oil amid the improving situation of import stocks, sources told Zee Business. The development comes at a time when domestic edible oil rates are stable in a range following some fluctuations during election results-related changes in demand, they added. Edible oil – also known as cooking oil – is used by consumers in various ways in their daily lives.
Analysts expect edible oil prices to continue to move within their current range over the next 2-3 months.
The development comes at a time when cooling fuel prices aided an overall consumer inflation reading in the country though sticky food inflation played spoilsport.
Consumer inflation – or the rate of increase in the prices consumers pay for a basket of essential goods and services – was recorded at 4.75 per cent in may, marking an improvement from the previous month’s 4.83 per cent, according to official data released on Wednesday.
The latest reading comes days after the RBI maintained an annual inflation forecast at 4.5 per cent citing “evenly balanced” risks following a bi-monthly review as it decided to keep the lending rate and policy stance unchanged.
The central bank’s current projections anticipate domestic retail inflation at 4.9 per cent in April-June, 3.8 per cent in July-September, 4.6 per cent in October-December, and 4.5 per cent in January-March for the current financial year.
Source Link : https://www.zeebiz.com/economy-infra/news-edible-oil-price-news-latest-outlook-lok-sabha-india-election-results-demand-295714
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