NEW DELHI: Reports suggest that the people of the country are about to witness huge hike in prices, in the days following the elections in five states. The main reason behind the hike is the sharp rise in petrol and diesel prices. The crude oil prices have rose to 94 dollars per barrel in the international market, confirming inflation in the country.

The oil price was 69 dollar per barrel in December. It had dropped from 81 dollar per barrel in November, to 69 due to the sharp surge in Omicron cases. However, the prices began to rise again as it was realized that the third Covid wave would not be creating any significant crisis. The data after November suggests a 15 percent increase in the barrel prices.

The fuel prices in the country have remained unchanged for the past three months. An increase in the international oil prices will cause price hikes in the country as well. Experts evaluate that, a decision will be made once the elections are over.

The Russia-Ukraine conflict has also led to the price hike in the international market. As more money has to be spend on transporting the cargo, the price of goods will also increase proportionately. There is no doubt that the days of inflation are on the way.