Cost of Living updates LIVE Nov 1: Onion prices set to soar till Diwali, drop anticipated in December

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Cost of living Updates Nov 1 LIVE: The cost of living is basically the amount of money one needs to survive in a given place - to cover one's most essential needs such as food, water, housing, taxes, cost of commute and healthcare, etc. The high rate of inflation has pushed up the cost of living across the globe, burning a hole in common man's pocket.

Since the Russia-Ukraine war broke out, the cost of raw materials and commodities have gone up. This has increased India's payments outgo for oil, gold, other commodities.Traders have forecasted that onion prices will witness a continuous surge until the upcoming Diwali festival, as per an ANI report.

Subsequently, with the arrival of new onion supplies in December, prices are expected to decline.It is anticipated that onion prices may further increase, reaching a range of ₹60-100/kg in Bhopal, Madhya Pradesh. This escalation is also impacting the buying behavior of consumers, with many purchasing onions in smaller quantities due to the inflationary pressures.Consumers have expressed their concerns about the substantial price hikes, leading to reduced consumption of onions.

This, in turn, is causing imbalances in their kitchen budgets.Fuel rates are revised at 06:00 A.M every day. From June 2017, fuel prices in India are revised daily, and this is called the dynamic fuel price method.BangalorePETROL (Rs/L) - 101.94DIESEL (Rs/L) - 87.94ChandigarhPETROL (Rs/L) - 96.2DIESEL (Rs/L) - 84.26ChennaiPETROL (Rs/L) - 102.63DIESEL (Rs/L) - ₹94.33KolkataPETROL (Rs/L) - 106.03DIESEL (Rs/L) - ₹92.76Mumbai CityPETROL (Rs/L) - 106.31DIESEL (Rs/L) - ₹94.27New DelhiPETROL (Rs/L) - 96.72DIESEL (Rs/L) - ₹89.62 Download the App to get 14 days of unlimited access to Mint Premium absolutely free!