How Household Budget Will Increase from this Month

As we start the month of March, a lot of financial changes await us. The covid supply shortages now clubbed with the Russia-Ukraine crisis has directly affected the prices of sunflower oil, while prices of wheat, coriander, jeera, maize and soyameal due to the indirect effect of drying up of supplies of these commodities from Russia and Ukraine. So, from surge in milk prices to rise in the prices of LPG commercial cylinders. Here are top four changes that will affect your personal finances from this month.

Cooking Oil Price to Increase

The ongoing Ukraine-Russia conflict has caused commodity prices across the globe to soar to record-highs amid concerns of supply disruption. The Russian invasion of Ukraine is going to have an impact not only on global crude prices but also affect prices of cooking oil – and which is likely to be more immediate.

However, finance minister Nirmala Sitharaman said on Monday that India is keenly observing the impact on exports and imports due to ongoing war between Russia and Ukraine. Sitharaman said: “we are fairly seized of the matter in its granular form because it is going to have an impact on the essentials such as edible oils which come from Ukraine, sunflower oil and parts of fertilizers and so on.”

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Wheat price Russia Ukraine war

India has seen unprecedented inflation in the past year with prices of commodities rising to multi-year highs. From HUL to Britannia, ITC and Nestle, most FMCG majors have flagged inflation as a concern during their October-December (Q3) results. With the current conflict, 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’s commodity trade.

Amul Milk Price Increased

Dairy product maker Amul has announced to increase the price of milk by Rs 2 per litre. The prices will come into effect from tomorrow. The increase of Rs 2 per litre translates into a 4 per cent rise in MRPs, which is much lower than the average food inflation, the Gujarat Cooperative Milk Marketing Federation (GCMMF) said. This is the second time this fiscal that the price of milk is being hiked. In June 2021, GCMMF raised the price by Rs 2 per litre.

LPG Commercial Cylinder Price

Starting today, the prices of 19 kg commercial LPG cylinders have been hiked by Rs 105 in Delhi. With this, the 19 kg commercial cylinder will now cost Rs 2,012 in Delhi. It is worth mentioning that the cost of the 5kg cylinder has also been revised by Rs 27. The 5Kg cylinder will now be priced at Rs 569 in the national capital. There has been no change in the price of the domestic LPG cylinders since October last year. However, during this period crude oil prices have crossed $102 per barrel. There is speculation that the prices of the domestic LPG cylinders may be revised post-election around March 10. The expectation is that the prices of non-subsidised gas cylinders may increase by more than Rs 100 to 200 per cylinder.

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