Steep slump in palm oil, commodities a relief from inflation for India

Taking charge: Labourers work inside a refined wheat flour mill in Punjab. The Indian government has placed export curbs on wheat and sugar to safeguard domestic supplies in a bid to control prices. — AFP

MUMBAI: India’s policy makers and consumers will be cheering a steep slump in commodities, especially palm oil, which could bring about a few months of “surprisingly low” food inflation.

Cooking oil, used to make practically every staple dish in India, has tumbled to its lowest levels in months on rising supplies and as investors cut bullish bets.