India’s inflation outlook is facing fresh pressure as edible oil prices rise sharply, global supply risks grow and weather conditions threaten agricultural production.
Prices of packed sunflower oil have reportedly risen around 18%, while palm oil, soybean oil, groundnut oil and mustard oil have also recorded significant increases. The impact is particularly important for India because the country imports more than half of the edible oil it consumes.
The Russia-Ukraine war and disruptions in the Black Sea are adding another layer of uncertainty. Russia and Ukraine are major suppliers of sunflower oil and other agricultural commodities, while the Black Sea remains a crucial export corridor for wheat, corn, sunflower products and vegetable oils.
At the same time, concerns over El Niño and uneven monsoon rainfall could affect India's oilseed crops, including soybean, groundnut and mustard. Lower domestic production could increase India's dependence on imports and put additional pressure on food prices.
However, India's strong food-grain inventories and improved rainfall provide some cushion.
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