Diwali gets costlier: Why rising milk, ghee, butter and dry fruit prices are squeezing festive budgets
Higher prices of dairy products, almonds, pistachios and other ingredients are raising the cost of homemade sweets, packaged mithai and corporate Diwali hampers. Supply constraints and rising food inflation are adding to the pressure on festive budgets.
Diwali celebrations this year are expected to strain household budgets due to rising prices of ingredients used in traditional sweets and festive meals. Dairy products, such as milk, ghee, butter and dry fruits, have seen significant price hikes, making it more expensive to prepare and purchase these items. Key ingredients, like ghee and butter, have seen price increases of up to 10%, while dry fruits have surged by up to 70% over the past year.
This cost inflation is not limited to dairy and dry products, as food inflation in September accelerated to 7.74%, pushing headline inflation to 5.54%. The Reserve Bank of India has expressed concerns over broadening price pressures across the economy. As a result, businesses are feeling the impact of increased costs, with many opting to reduce their gifting lists and opt for smaller packages.
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