While prices of palm oil have eased and sugar is stable, FMCG firms pointed out that rates of some other major items including wheat are still firm and hence they would wait and watch before taking any call on reducing the price.
The government-appointed panel, which submitted its report on Wednesday, November 30, has recommended a floor price and a cap for gas from legacy and old fields.
India’s annual retail inflation has remained above the central bank’s tolerance limit of 2% to 6% since January, even as it eased to 6.77% in October helped by slower rise in food prices and base effect.
Brent crude futures fell $2.71, or 3.07%, to $85.65 a barrel at 1314 GMT, while U.S. West Texas Intermediate (WTI) crude futures were down $2.39, or 2.95%, at $78.56 a barrel.
Brent crude futures were down 69 cents, or 0.7%, to $94.67 a barrel by 1331 GMT, while U.S. West Texas Intermediate (WTI) crude futures had fallen 63 cents, or 0.7%, to $88.28 a barrel. The benchmarks fell around 3% on Tuesday.
Spot gold rose 1.2% to $1,648.77 per ounce by 0906 GMT, and was up 0.4% for the week so far.
Fueled by erratic rainfall and supply shocks from Russia's invasion of Ukraine, prices of daily consumables like cereals and vegetables which form the largest category in the inflation basket have climbed over the past two years.
Petrol and diesel prices remain unchanged across metro cities on October 10, the latest price notification issued by fuel retailers showed.
He also shared a chart showing the decline in the prices of 11 items.
Brent crude futures were up $1.69, or 2%, at $87.96 per barrel by 10:41 a.m. EST (1441 GMT), while U.S. West Texas Intermediate (WTI) crude futures rose $2.14, or 2.7%, to $80.64 a barrel.
Retail prices of peas have risen sharply to nearly Rs 250 per kg from Rs 130-150 per kg, while that of tomatoes rose from Rs 40 per kg to Rs 60 per kg, they said.
The statement was made in the fact sheet that the ministry issued detailing reasoning behind recent amendments to the India's rice export policy.
The U.S. Federal Reserve is likely to raise interest rates by another 75 basis points on Wednesday to rein in inflation.
A British public holiday for the funeral of Queen Elizabeth was expected to limit activity on Monday.
September quarter results for aluminium majors likely to be impacted by lower prices, higher energy costs
India has not seen 'massive' fiscal interventions to ease prices as done recently, says Sitikanta Pattanaik
Builders are trying to drive demand by offering discounts and offering to bear some of the interest burden.
Spot gold fell 0.4% to $1,704.70 per ounce by 0917 GMT, having touched $1,699.30 earlier, its lowest since July 21.
Container prices in India had fallen around 10 percent in July when compared to June due to a fall in demand but expectations are that with the upcoming festival season, the rates will rise once again
Spot gold rose 0.9% at $1,750.59 per ounce by 10:33 ET (1433 GMT). Prices slipped in the last six sessions and hit $1,727.01 on Monday, the lowest since July 27.
The recent hike in retail milk price by Rs 2 per litre will limit the slide in profitability of the organised dairy sector to 50 basis points year-on-year this fiscal, despite a higher than anticipated rise in procurement prices and transport and packaging costs, Crisil Ratings said in a report.
The All India average retail price of wheat has risen by over 22 per cent to Rs 31.04 per kg as of August 22 compared to Rs 25.41 per kg in the year-ago period, according to the data maintained by the Consumer Affairs Ministry.
Local gold prices in India fell to 51,436 rupees per 10 grams on Friday, the lowest since Aug. 3.
The price of PNG has been reduced by Rs 4 per standard cubic metre to Rs 48.50 per SCM, while that of CNG by Rs 6 a kilogram to Rs 80 per kg.
Delhi-NCR witnessed the highest price increase at 10% YoY