Amid rising tensions in the Middle East, global crude oil prices have increased significantly in recent days. This has raised concerns about a possible rise in inflation in India.
Addressing these concerns, India’s Finance Minister Nirmala Sitharaman stated that the current increase in crude oil prices is unlikely to have a major immediate impact on inflation in the country.
She noted that inflation in India is currently under control, and even if crude oil prices rise further, the overall impact on inflation is expected to remain limited in the short term. However, economists say that if global oil prices remain high for a prolonged period, it could eventually affect fuel prices and the cost of goods.
Overall, the government has indicated that the current crude price rise is not expected to significantly push up inflation in India immediately.
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