Key commodities prices go up sharply

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Key commodities price which is an integral part to run the economy has risen sharply. After a cursory look comparing current prices with Sept. 2020, the global prices have shot up significantly.

Dollar-rupee parity stagnant in a year period-September 2020 to September 2021 but shot up by 10% since May 2021. In May 2021 US Dollar interbank exchange rate was Rs152.28 which has gone up to Rs. 168.02 in September 2021.

Relevant Read: Food inflation soars to 8.4%

The effect of the 10% increase in the exchange rate has triggered the inflation rate upto 100% increase in the prices of  commodities such as Coal prices, which went up to $153 mtons after sees a 100% increase,  Steel price up by 58% to $897 mtons, Cotton price up by 46% to $1.04 /pound, Crude oil (Wti) up by 70% to $68/barrel, Crude oil (brent) up by 73% to $71/barrel as compared to May 2021.

Similar upwards trends are also seen in Cement price, which goes up by 20% to Rs 676/bag and Steel Rebar price up by 51% to Rs 179,500 per ton.

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