Costlier Crude Could Add Up to 1 Point to India's Inflation
EY energy expert Gaurav Moda says crude oil prices have risen from about $60-65 to $90-95 a barrel. That has raised India's energy import costs, which could push inflation up by as much as one percentage point. He says diversified imports are helping the country secure oil supplies.
Context
Context: India imports most of the crude oil it uses, so global price swings quickly feed into fuel costs and, in turn, the prices of goods and transport. Oil prices are set in global markets, which react to events abroad.
Burning Potato score: 65%