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Both these measures should offer at least short-term relief to consumer prices, while the government would lose out on revenue needed to keep borrowing under check. India has also pared basic customs duty on refined varieties of edible oil to 17.5% from 32.5%. But international markets are coordinating prices to thwart IndiaвЂ™s moves to make imports cheaper, market data show. In a key policy move to tame inflation, India on Wednesday virtually abolished basic customs duty on crude imports of three edible oils, a basic ingredient of most Indian cooking. Inflation must stay within a вЂњtolerableвЂќ range to enable India to quickly consolidate gains from a nascent economic recovery underway since the pandemic took a heavy toll on AsiaвЂ™s third-largest economy. Higher food inflation not only impacts poorer households more, which tend to spend a larger share of their monthly budgets on food, compared to the well-off, but they also throw the Reserve BankвЂ™s inflation targets off gear. This has had the effect of making IndiaвЂ™s steps to ease the price of cooking oils less effective, market watchers say.

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International edible oil producers are synchronizing price increases with IndiaвЂ™s series of actions to soften their domestic rates by slashing import duties.

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