Rise in commodity prices to hurt household budgets
Monthly household shopping bills may soon rise with prices of some commodities hardening after almost a year in which rates held steady. Still, given the economic uncertainty, fast-moving consumer goods (FMCG) companies may look elsewhere to cut costs and maintain prices by reducing pack sizes
Edible oil, wheat, spices and sugar may rise by up to 5 per cent as could packaged and processed food products in which these are key ingredients - noodles, cookies, beverages and ready-to-eat products.
This is both due to a bad winter impacting yield and a depreciating rupee, which has pushed up import costs,
"There will be a price hike across a wide variety of packaged foods since agri-commodity prices have recently gone up by 6-8 per cent,"
Indian wheat production dropped the most in 56 years last year due to bad weather and hasn't recovered with sowing down 7 per cent from normal levels due to dry soil. At the same time, increase in the minimum support price has led to rates rising,
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