Soaring prices dampen consumer mood in India's festival season with costs of fuel, transport and many manufactured items increasing
The 33-year-old homemaker is tightening her purse strings and altering her spending habits, thanks to soaring costs of fuel, transport and many manufactured items, coupled with stagnant incomes due to the pandemic.
Many are foregoing big-ticket purchases such as television sets and jewellery this festive season, according to half a dozen people Reuters spoke to and a consumer survey by Mumbai-based consultancy Axis My India, threatening to slow an economy recovering strongly from the worst of COVID-19. He said his petrol bill was up by 600 rupees from a year ago and refilling the cooking gas cylinder was costlier by 400 rupees.
In September the consumer price index eased to 4.35%, helped by a softening of food prices which make up nearly half of the index. Economists said that painted a better picture than what households are actually facing.A vendor sits on the sacks of onion as he waits for customers at a vegetable market in Ahmedabad, India, October 11, 2021. Picture taken October 11, 2021.
" corporate earnings will be impacted in sectors where producers are unable to pass on the cost increases," she said, adding global shortages were already driving up commodity costs for many products.Private economists have warned that annual wholesale-price-based inflation - a proxy for producers' prices - staying in double digits for sixth months in a row could further fuel inflationary pressures as companies pass on rising costs to consumers.
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