Soaring prices dampen consumer mood ahead of India's Diwali festival of lights

Rising consumer prices in India may take the spark out of the upcoming festival of lights, also known as Diwali or Deepavali. It marks India's busiest shopping season for consumer goods. Soaring costs of fuel, transport and manufactured items, coupled with stagnant incomes due to the COVID-19 pandemic, mean millions of households are facing a strain on their budgets. Pump prices of petrol and diesel are up nearly 35% from a year ago and cooking gas up by over 50%. Food inflation has climbed to a six-month high of around 11%.

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