Though the US-Iran war, which contributed to rising prices, is all set to end, the oil prices may continue to remain elevated unless oil producing countries outside West Asia such as Russia, the United States and Venezuela pump more oil
As the economically poor families in the bottom of the economic pyramid spend up to 47 per cent of their household income on food, an uptick in food prices will directly affect their quality of life. The stubborn food inflation could influence wage demands, consumer spending patterns and business costs, affecting the broader economy. — Representational Image
( Source : Asian Age )
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