As we enter the month of March, we are in for a lot of financial changes. From an increase in the milk price to an increase in the prices of commercial LPG bottles. Here are the top four changes impacting your personal finances starting this month.
The price for cooking oil rises
The ongoing conflict between Ukraine and Russia has sent commodity prices around the world soaring to record highs amid concerns about a supply disruption. The Russian invasion of Ukraine will not only impact global crude oil prices, but also affect cooking oil prices – and it will likely be more immediate.
Finance Minister Nirmala Sitharaman said on Monday that India is closely monitoring the impact on exports and imports resulting from the ongoing war between Russia and Ukraine. Sitharaman said, “we are quite captivated by the matter in its granular form because it will impact the essentials such as edible oils coming from Ukraine, sunflower oil and parts of fertilizers and so on.”
Wheat price Russia Ukraine war
India has experienced unprecedented inflation in the past year, with commodity prices soaring to multi-year highs. From HUL to Britannia, ITC and Nestle, most FMCG majors identified inflation as a concern during their October-December (Q3) results. With the current conflict, the prices of edible oils, wheat, palm oil, barley, etc. are expected to rise further. This is because Ukraine and Russia account for a large part of the world trade in commodities.
Amul milk price increased
Dairy producer Amul has announced to increase the milk price by Rs 2 per litre. Prices will start from tomorrow. The increase of Rs 2 per liter translates into a 4 percent increase in MRPs, which is much lower than average food inflation, according to the Gujarat Cooperative Milk Marketing Federation (GCMMF). It is the second time this fiscal year that the milk price has been increased. In June 2021, GCMMF increased the price by Rs 2 per liter.
LPG Commercial Cylinder Price:
As of today, the prices of 19kg commercial LPG cylinders have increased by Rs 105 in Delhi. With this, the 19kg commercial cylinder now costs Rs 2,012 in Delhi. It is worth noting that the cost of the 5kg cylinder has also been revised at Rs 27. The 5kg cylinder will now be priced at Rs 569 in the national capital. The price of the domestic LPG cylinders has not changed since October last year. During this period, however, crude oil prices have surpassed $102 a barrel. There is speculation that domestic LPG bottle prices could be revised around March 10 after the election. The prices of unsubsidized gas cylinders are expected to rise by more than Rs 100 to 200 per cylinder.
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