Peanut Market News May 17, 2021
During the Corona period, the prices of food and drink are increasing rapidly. Inflation of edible oil along with vegetables, fruits, pulses is troubling the common people. In the last one year, the prices of edible oils have increased almost double. In the country, palm oil is used in packaged food such as biscuits, bakery products, and other products. Therefore, their prices may also increase soon. Palm oil is used in hotels, restaurants in India. As the imported palm oil has become expensive therefore the prices of other edible oil have also raised.
Prices rise from palm oil to mustard oil
In the last one year, the prices of palm, groundnut, sunflower, and mustard oil have increased up to double. Palm oil was priced at Rs 76 per kg in May 2020, but its price doubled after one year. In May 2020, the price of groundnut oil was Rs 120 per kg, but in May 2021, its price has gone up to 196 per kg.
In the international market, edible oil prices have also seen a spike
People associated with the business of edible oil say that the price of edible oil has increased in the international market, due to which the prices have also increased in India. The experts give another reason for the price rise. They say that this year China is also buying edible oil from the international market on a large scale, due to which the prices have increased. Inflation of edible oil is also becoming a disaster for the people.
Due to the continuous increase in the price of edible oil, the prices of packaged food are also rising. Since palm oil is used extensively in packaged food, hike in the prices of packaged food cannot be denied.