The upside risk to inflation from crude oil prices that persisted till early October seems to have ebbed. Analysts have revised estimates of inflation now to be around 5.4% for the remaining months of the financial year 2023-24.
Crude prices are expected to remain subdued amid concerns of sluggish demand from the top importers and tightening global supply at the same time.
The prices, which had touched a peak of $97 a barrel in late September and then remained volatile on the back of conflict in Israel, have now crawled back to their earlier levels of $75-$80 a barrel.
