Although the government is taking steps to reduce inflation in the country, the prices of vegetables are still high. Tomatoes are selling at Rs 60-80 per kg in Delhi, while in some parts of the country their price is reaching Rs 100. The price of lemon in the national capital ranges between Rs 200 and Rs 250 per kg.
The prices of tomatoes and other vegetables are currently high due to short supply. Traders of Ghazipur Mandi said that the prices of vegetables usually increase during the rains. He said that presently the supply of tomatoes has fallen, hence the prices are rising.
Apart from tomatoes and lemons, other vegetables are also being sold at higher prices. Cauliflower is Rs 120, potato is Rs 40, onion is also Rs 35-40, brinjal is at Rs 80 per kg, capsicum is Rs 100 per kg, spinach is Rs 60 per kg and carrot is Rs 80.
The current high inflation is affecting the pockets of the common man and the expenditure of the poor is showing a decline. Many poor are saying that their income has remained the same, while the prices of food items and other essentials have increased significantly. He said that they are now buying fewer items than before.
Retail inflation at 8-year high
Retail inflation rose to an eight-year high of 7.79 per cent in April, from 4.23 per cent in April 2021 and 6.97 per cent in March 2022. Food inflation also rose to 8.38 per cent in April, as against 1.96 per cent in April. In the year-ago month and 7.68 percent in the previous month.
In its note, India Ratings and Research said, “Retail inflation crossed RBI’s upper tolerance band of 6 per cent for the first time in December 2019 after averaging 4.1 per cent during FY16-FY19. Immediately after the economy collapsed.” After. The first Covid wave, which resulted in a nationwide lockdown from end-March 2020 to May 2020. However, monthly retail inflation remained above 6 per cent till November 2020 mostly due to supply-side disruption, despite the fall in demand.”
What is expected next?
RBI Governor Shaktikanta Das in an interview with CNBC-TV18 said that the central bank and the government have taken several steps in the last few months to control price rise in the country and these steps will have a serious impact on inflation going forward.
India Ratings expects retail inflation to pick up till September 2022 and gradually decline thereafter. “Inflation is expected to remain above 6 per cent for four consecutive quarters from 4QFY22 to 3QFY23. Under the assumption of a normal monsoon in 2022 and average crude oil price (Indian basket) at USD100/bbl, RBI in its April 2022 monetary policy has projected retail inflation to be 5.7 per cent in FY23 and 1Q, 2Q, 3Q and have put. Fourth quarter inflation will be 6.3 per cent, 5.8 per cent, 5.4 per cent and 5.1 per cent respectively.
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