Sudhakar Rao Desai, president of the Indian Vegetable Oil Producers Association, said the fall in cooking oil prices would have a slight positive impact on food inflation. These cooking oils account for the bulk of food inflation. Food inflation is also on the rise as domestic cooking oil prices have risen sharply over the past year. Inflation in the cooking oil and fat categories rose to 13.26 per cent in May. Hyderabad-based Gemini Edibles & Fats slashed the price of its liter Freedom Sunflower Oil by Rs 15 last week. The price of a liter packet of Freedom Sunflower Oil is Rs 220. It also slashed prices by another Rs 20 this week. With this, the price of a liter freedom sunflower oil packet has come down to Rs.200.
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Meanwhile, India’s palm oil imports fell by 10 per cent in May as Indonesia imposed restrictions on exports of cooking oils. Indonesia is a leader in the production of cooking oils. India imported 5,72,508 tonnes of palm oil in April, down from 5,14,022 tonnes in May, according to the Solvent Extractors Association (SEA). Domestic cooking oil prices have risen as Indonesia has banned imports. The prices of many types of palm oil products have skyrocketed. This palm oil is used in soaps, shampoos, noodles, biscuits and chocolates. With the rise in palm oil prices, their input costs have gone up and product prices have gone up. Indonesia has now lifted the ban. Indonesia made the decision on the 23rd of last month. As a result, prices are falling.
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