Commodities slump to give India relief from inflationBloombergIndia’s policymakers and consumers would be cheering a steep slump in commodities, especially palm oil, which could bring about a few months of “surprisingly low” food inflation. India is the world’s biggest buyer of edible oils and relies on imports for about 60 percent of its needs. Palm oil, which rallied after Russia’s invasion of Ukraine and as Indonesia temporarily banned exports, has plunged 40 percent from a record close in April. The average retail prices of edible oils in India have dropped as much as 8 percent in the past month, government data showed. The sharp declines in palm oil, wheat, sugar and rice are good news for inflation, ING Group said.

Source: Taipei Times July 09, 2022 20:29 UTC