FMCG: "In India, about 40% of our portfolio is fabric cleaning and skin cleanser. And we know from experience that they are highly correlated to the underlying commodity prices. When inflation happens, a lot of smaller local firms in the category drop out of the category and then re-emerge once deflation starts to come in. So, we are starting to see that in India," Unilever global chief financial officer Graeme Pitkethly said at the Barclays Global Consumer Staples Conference.