No one was spared the ‘inflation witch’, not only India, but also brought superpower America to its knees

Almost everyone must have heard this song from the film Peepli, ‘Sakhi saiyaan toh bhi kamat hai, dearness daayan khaye jaat hai’. Today’s time is such that this song is also being applicable to everyone. People’s earnings have already increased, but in comparison, inflation has broken records. Along with the Corona period, the period of inflation started in the country. As the infection of Corona kept increasing, so did the fire of inflation. The situation has become so uncontrollable that wholesale inflation jumped to 14.5 per cent in March. Retail inflation has also made a record of 7 per cent, while the Reserve Bank had targeted to keep it up to a maximum of 6 per cent. That is, inflation has ruined all the estimates of the Reserve Bank this time. Russia-Ukraine War made up the rest. Well, not only in India, the central banks of the whole world are not able to understand what is going on. In such a situation, one thing is clear that it is difficult to stop inflation right now. Efforts are on, but it is expected to increase further in the coming days.

This inflation superpower is beyond the understanding of America
It is not that only the people of India are facing the brunt of inflation. A superpower country like America is also in the grip of inflation. After remaining below 2 per cent for many years, inflation rose to such a level that it reached 8.5 per cent. In the Eurozone, inflation has gone up to 7.5 percent. The interesting thing here is that the central banks in both these places have a maximum inflation target of 2 per cent, but inflation has breached that level and has gone way too high. The biggest problem is that they do not understand why inflation is increasing.

These reasons played an important role in increasing inflation
Corona virus is the biggest reason for inflation. It destroyed the network of supply of things all over the world. The crisis that arose due to Corona regarding the semiconductor chip, the solution to it has not been found till date. Due to this, all the electronic things from vehicles have become expensive. The waiting period of vehicles has also increased a lot. After Corona, a major reason for inflation is also the Russia-Ukraine war. The crisis of Corona was decreasing that Russia attacked Ukraine and soon the price of crude oil reached up to $130 per barrel. Gradually the price started decreasing, but it is still close to $ 106 per barrel.

Finance Minister Nirmala Sitharaman had estimated in the February budget that crude oil prices may come down to $ 75 per barrel in 2022-23. Before anything could be seen on the ground, there was a war in Russia-Ukraine and this hope was also shattered. Due to the Russo-Ukraine war, trade is not being done through the Black Sea, which is very important in terms of grain exports. Now the hope is being expressed that when the war ends, inflation will come under control, but no one is able to say this with full guarantee. Wheat, corn and sunflowers are exported from Ukraine and Russia all over the world, which has increased the prices of these items around the world.

Compared to before Corona, the price of all edible oils has increased by 50-70 percent. These include sunflower oil, groundnut oil, canola oil, sesame oil, coconut oil, soybean oil, mustard oil, palm oil, olive oil, etc. The price of sunflower oil was around Rs 98 in February 2019, which has now gone up to Rs 180-250. The price is different in different brands. According to industry experts, edible oils have become costlier by 50-100 per cent in the last 12 months. At the same time, the prices have increased by 25-40 percent in the last 45 days.

Sunflower, Groundnut and Mustard oil are the top 3 edible oils used in India. India imports about 85 per cent of soybean oil from Argentina and Brazil, while about 90 per cent of sunflower oil from Russia and Ukraine. Apart from this, India buys palm oil from Indonesia and Malaysia. Due to the cost of oil, people are now turning to cheap and sometimes even poor quality oil, which is very dangerous for health in the long run. Thyroid and colon cancer can also be caused by such oils.

LocalCircles has conducted a survey, under which it has been said that 24 percent of Indians have reduced their use of oil. At the same time, there are 67 percent people who are spending money on oil by cutting their remaining expenses and reducing their savings. At the same time, there are 29 percent people who say that they have now started using cheap oils. In February, the government had cut duty on palm oil by 5 per cent, after which it was reduced to 12.5 per cent. At the same time, after the reduction in crude soybean oil and sunflower oil, the new rate has become 17.5 percent. There has been some relief from these efforts of the government, but there is a need to provide more relief.

Apart from oil, the prices of vegetables have also increased sharply in the last one month. In a LocalCircles survey, 87 per cent people said that they had to pay exorbitant prices for lemons, beans, okra and some other vegetables from March to April. At the same time, 37 percent people said that the prices of vegetables have increased by 25 percent. The highest price has increased for lemon. At present, the price of a lemon has gone up to Rs 18-25 and it is being sold in the market for Rs 300-400. Bhindi and Beans are selling for more than Rs.100. One of the major reasons for vegetables becoming expensive is the increase in the price of petrol and diesel. In the last days, diesel-petrol has become expensive by about Rs 10 per liter. Prices have increased by Rs 10-15 per kg due to increase in transportation cost.

,Diesel-petrol prices skyrocketed
Shortly before the elections in 5 states including UP, the Modi government reduced the excise duty on petrol and diesel, after which the states also reduced VAT. Due to all this, petrol and diesel became cheap by Rs 15, but after the elections were over, the prices started increasing again. Within a few days, both petrol and diesel became expensive by about Rs 10-10. While the effect of petrol becoming expensive is directly visible on everyone, due to the cost of diesel, the prices of all things have increased, because transportation has become expensive, in which most of the diesel is used. At present, the price of petrol in Delhi is Rs 105.41 per liter, while the price of diesel is Rs 96.67 per litre.

Oil became expensive up to 100 percent
Compared to before Corona, the price of all edible oils has increased by 50-70 percent. These include sunflower oil, groundnut oil, canola oil, sesame oil, coconut oil, soybean oil, mustard oil, palm oil, olive oil, etc. The price of sunflower oil was around Rs 98 in February 2019, which has now gone up to Rs 180-250. The price is different in different brands. According to industry experts, edible oils have become costlier by 50-100 per cent in the last 12 months. At the same time, the prices have increased by 25-40 percent in the last 45 days. Due to the cost of oil, people are now turning to cheap and sometimes even poor quality oil, which is very dangerous for health in the long run. Thyroid and colon cancer can also be caused by such oils.

Vegetable prices increased, lemon broke all records
Apart from oil, the prices of vegetables have also increased sharply in the last one month. In a survey, 87 per cent people said that from March to April, they had to pay exorbitant prices for lemon, beans, okra and some other vegetables. At the same time, 37 percent people said that the prices of vegetables have increased by 25 percent. The highest price has increased for lemon. At present, the price of a lemon has gone up to Rs 18-25 and it is being sold in the market for Rs 300-400. Bhindi and Beans are selling for more than Rs.100. One of the major reasons for vegetables becoming expensive is the increase in the price of petrol and diesel. In the last days, diesel-petrol has become expensive by about Rs 10 per liter. Prices have increased by Rs 10-15 per kg due to increase in transportation cost.