Hindustan Unilever NSE 2.26 % (HUL NSE 2.26 %) chairman Nitin Paranjpe said India is going through the most difficult economic situation and persistent NSE 4.66 % inflationary pressures are beginning to weigh on demand.

This has prompted some buyers of fast-moving consumer goods to temporarily cut back on purchases through a period of price-stickiness, which was described 'rare' by the company.

"India is going through probably the most difficult economic situation. Inflation is high. We are probably getting to a situation where we have now seen 14 consecutive months of double-digit wholesale price inflation," Paranjpe told shareholders virtually during his annual address on Thursday. "I don't know when we have last seen something like that. FMCG markets, which have generally been strong for a long period of time,  have started seeing the effects of this."

The Reserve Bank of India's Monetary Policy Committee (MPC) members were unanimous in stressing the need to bring inflation within the central bank’s tolerance band, the minutes of the rate-setting panel’s latest meeting released on June 22 show.

“The time is appropriate to go for a further increase in the policy rate to effectively deal with inflation and inflation expectations,” RBI governor  Shakitkanta Das, who heads the six-member panel, said.

"As our policy in recent months has been unambiguously focussed on withdrawal of accommodation, both in terms of liquidity and rates, the change in the wording of stance should be seen as a continuation and fine-tuning of our recent approach," Das added. "The withdrawal of accommodation, as I see it, would be non-disruptive to the process of recovery and would strengthen our ongoing efforts to combat inflation and anchor inflation expectations."

India has become the only saffron-producing country to earn a Geographical Indication (GI) tag for its Kashmir saffron. Iran is the largest producer of saffron in the world while India is a close competitor.

However, an official spokesman said on Tuesday that the GI tag will result in more prominence for the Kashmir saffron in the export market, thereby boosting its exports. This will in turn help the farmers to get the best remunerative price for economic sustainability, said.

The GI certification would also cease the prevalent adulteration of saffron and will put an end to the marketing of saffron cultivated in other countries under the garb of being produced in Kashmir which otherwise was affecting the economic interests of the farmers associated with this crop.

With international crude oil hovering over $110 per barrel, the petrol and diesel prices remain constant today, June 20. Last time, the change in prices took place after the central government announced the cut in excise duty, on May 20 following which the petrol prices were reduced by Rs 8 per litre and Rs 6 per litre on diesel.

According to the latest notification by oil marketing companies, the price of petrol in the national capital stood at Rs 96.72 per litre and Rs 111.35 per litre in Mumbai. On the other hand, the diesel was retailing at Rs 89.62 per litre in Delhi and Rs 97.28 per litre in Mumbai. In Kolkata, following the excise cut, petrol was retailing at Rs 106.03 per litre and the price of diesel now stands at Rs 92.76 per litre. Petrol price in Chennai is Rs 102.63 per litre and diesel is Rs 94.24 per litre.

Despite worldwide crude oil prices hovering around $110 per barrel, local gasoline and diesel prices have remained steady for the 29th day. In Delhi, petrol cost Rs 96.72 per litre and in Mumbai, it cost Rs 111.35 per litre, while diesel cost Rs 89.62 per litre in Delhi and Rs 97.28 per litre in Mumbai.

The rates were last altered when the government declared on May 21 that excise duty on petrol and diesel will be reduced by Rs 8 per litre and Rs 6 per litre, respectively. Read More: Father's Day 2022: From Premji to Mittal, a look at father-son/daughter duos of Indian business