New Delhi: The measures announced by the government to reduce the prices of key commodities and some industrial items have led to a sharp fall in prices. steel prices, The move has led to a marginal fall in the wholesale price of edible oils such as soy oil, sunflower oil and palm oil, which has risen due to sanctions imposed by Indonesia, which has lifted some restrictions. Data compiled by government agencies has shown that export duties have been imposed or increased on some steel The products had helped reduce the price of galvanized plain sheets and coils by close to 10% between May 22 and June 8. Similarly, TMT prices are down around 9.3%, while HR and CR coil prices are down 6% and 8.3%. %, respectively.
In case of edible oil, the fall in wholesale prices of soya and sunflower oil so far is only 1.5-2%. However, officials are relieved that the rising trend has been caught and there is room for further reduction, especially as the ministries of finance and commerce and industry are monitoring it. While the duty cut for raw materials and inputs used by the plastics industry has not shown any effect so far, the industry has assured the government that the impact will be visible in a few weeks. Economists said the Centre’s measures have helped calm prices in some areas.
“The government’s supply-side interventions have helped pulses and edible oils as import duty on both these items has been cut in the last one year. DK Joshi, chief economist at rating agency CRISIL, said last year the government had entered into agreements for import of pulses from several countries which, along with healthy production, have been keeping inflation low for the past 11 months.
Carbohydrates have been registering higher inflation than some protein items for the past few months. Cereal inflation stood at 5.3% in May as compared to -0. 4% and -4 for pulses. 6% for eggs.
In case of edible oil, the fall in wholesale prices of soya and sunflower oil so far is only 1.5-2%. However, officials are relieved that the rising trend has been caught and there is room for further reduction, especially as the ministries of finance and commerce and industry are monitoring it. While the duty cut for raw materials and inputs used by the plastics industry has not shown any effect so far, the industry has assured the government that the impact will be visible in a few weeks. Economists said the Centre’s measures have helped calm prices in some areas.
“The government’s supply-side interventions have helped pulses and edible oils as import duty on both these items has been cut in the last one year. DK Joshi, chief economist at rating agency CRISIL, said last year the government had entered into agreements for import of pulses from several countries which, along with healthy production, have been keeping inflation low for the past 11 months.
Carbohydrates have been registering higher inflation than some protein items for the past few months. Cereal inflation stood at 5.3% in May as compared to -0. 4% and -4 for pulses. 6% for eggs.