How will inflation impact your household budget in July?
As we move into July 1, we are seeing a steep rise in the prices of some of the most important and everyday utility products. These price increases will surely affect the monthly budget of the common man who is already under the economic effects of the second wave of the COVID-19 pandemic.
July 1 placed an additional burden on the middle class as the prices of Amul milk were increased, the prices of LPG gas cylinders were increased, and the revised SBI withdrawal and checkbook application fees entered. force.
Here we are trying to understand how these price increases will impact your household budget. But before we dive into the amount and the prices of the items that have been raised, we try to understand what this means for the middle class.
Impact on the middle class
Milk is an essential part of the daily household in this country. In India we like to have our morning and evening teas with milk, children drink milk every day with or without supplements, serving milk tea, coffee to guests is a usual affair, we eat cornflakes, oats and dahlia with milk for breakfast and there are so many items that we prepare with milk.
Therefore, the rising price of milk will surely affect the budget of every household in this country.
Next, let’s move on to LPG cylinders. Almost all households in this country cook food with LPG gas. This means that an increase in the price of LPG will also directly affect household budgets at a time when many people are struggling to make ends meet during the pandemic period without jobs or pay cuts or hit small and medium businesses. due to containment.
Gasoline and diesel prices are already at an all-time high, however, oil companies gave consumers a breather on Thursday, keeping fuel prices unchanged.
On the other hand, the State Bank of India has revised the fees for withdrawing cash and checkbook.
Increase in the price of LPG gas
The price of non-subsidized LPG cylinders has been increased by Rs 25 as of July 1. A domestic bottle weighing 14.2 kg will now cost Rs 834.50 in Delhi.
The price of a 19 kg bottle has also been increased by Rs 76 and will cost Rs 1,550 in Delhi.
In Mumbai and Kolkata as well, the price will be Rs 834.50 per bottle while in Chennai an unsubsidized LPG bottle will cost Rs 850.50.
LPG prices are revised at the start of each month and with the last hike on July 1, the price of LPG has now increased by Rs 140 per bottle over the past six months.
LPG is only available at market price across the country, although the government provides subsidies to a select group of consumers.
Gasoline and diesel prices
The rise in the price of LPG is accompanied by the sharp rise in the price of gasoline, which is approaching a triple-digit figure in several metropolitan cities.
Although oil companies gave consumers a breather on Thursday by keeping fuel prices unchanged, the price hiatus came after rates were revised up 32 out of 61 days between May and June.
Gasoline is now priced at Rs 98.81 per liter in the nation’s capital, increasing sharply to Rs 8.41 per liter over the past 60 days.
Likewise, diesel prices in Delhi have also increased by Rs 8.45 per liter over the past two months to reach Rs 89.18 per liter.
Amul’s milk prices rise
The price of Amul milk increased by 2 rupees per liter as of July 1 for all brands. Amul raised the price of milk after a gap of almost a year and seven months.
The new prices are applicable on all brands of Amul milk such as Gold, Taaza, Shakti, T-special, as well as on cow and buffalo milk.
RS Sodhi, general manager of the Gujarat Milk Marketing Cooperative Federation (GCMMF), said the rise in the price of milk had become necessary due to the rise in food inflation.
SBI withdrawal fees
The State Bank of India revised the cash withdrawal and checkbook fees effective July 1, 2021.
Fees will be recovered beyond four free cash withdrawal transactions (including branch and ATM).
Rs 15 plus Goods and Services Tax (GST) per branch / ATM cash withdrawal transaction, SBI said in a notification.
First, 10 checks go out for FREE during a fiscal year. Thereafter, the additional charge for the 10-sheet checkbook is Rs 40 plus GST, 25-sheet checks at Rs 75 plus GST.
Emergency checkbook at Rs 50 plus GST for 10 sheets or part of them. However, Senior Citizen customers are exempt.