Inflation in the country has once again had a direct impact on the pockets of the common people. The increase in prices of many essential items at the same time has shaken people’s budget. While earlier the rise in gold and silver prices affected investment and purchases, now the rise in prices of daily necessities like milk and fuel has made the situation more difficult.
Rise in gold and silver prices
For the last few days, there have been continuous fluctuations in the prices of gold and silver. Due to instability in the global market and changes in import duties, the prices of precious metals have increased, making weddings and investment related purchases expensive.
Milk prices increased, household budget deteriorated
The biggest impact of inflation has now fallen on the kitchen. The country’s two major dairy companies, Amul and Mother Dairy, have increased the prices of milk. According to reports, both the companies have increased the prices of milk by about ₹2 per litre. This decision will have a direct impact on the monthly expenses of every household, because milk is one of the most essential items of daily use in India.
Companies say that this increase has been done due to the increasing cost of animal feed, transportation, packaging and raw milk.
CNG prices also increased pressure
On the other hand, the increase in the prices of CNG and other fuels has also increased the troubles of the common man. This directly impacts autos, taxis, delivery services and transportation costs, ultimately making everything expensive.
Concern increased due to three shocks simultaneously
According to experts, when at the same time—
Prices of precious metals increase, everyday food items become expensive and fuel prices go up.
So this is considered a “multi-layer inflation shock”, which impacts the middle class the most.
Impact on common man’s pocket
The impact of this triple inflation is directly visible on the domestic budget:
Cost of milk and tea increased, travel expenses increased, pressure on investment and savings and expenses like marriage also became expensive.