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Resource centre on India's rural distress
 
 

Food inflation creeping up to high levels


Unprecedented rise in potato prices pushes up inflation 

Food inflation soared to 15.58 per cent for the week ended November 14 in the wake of an unprecedented rise in the prices of potato and other essential items.

Official data based on the Wholesale Price Index (WPI) released here on Thursday for the week revealed that while potato prices have more than doubled in the past 12 months, other basic food articles such as onions and pulses were also over 25 per cent dearer in wholesale markets.

With food inflation creeping up to incredibly high levels each week — ostensibly as a fall-out of the recent drought — the overall WPI inflation may well overshoot the Reserve Bank’s projection of 6.5 per cent by the end of the fiscal in March next year. In the event, the apex bank may be forced to step in with some monetary tightening measures during its policy review in January to contain the inflationary pressures.

For the one-year period ended November 14, the prices of potato, as per the inflation data, surged by 111 per cent while pulses were up 35 per cent and onions by 27 per cent.

Staple food articles such as wheat and rice were also dearer by 12 per cent each during the period as were vegetables by the same margin.

The only respite for consumers during the year was the decline in petroleum-based fuel prices with petrol being cheaper by 12 per cent, cooking gas by seven per cent and diesel by six per cent.

However, while the overall primary articles index rose by 1.2 per cent on a weekly basis and by 11.04 per cent on annual basis, food inflation — which affects the common man the most — was markedly higher during the week ended November 14 as compared to the previous week.

The official data revealed that, among other food items, urad and poultry chicken were costlier by 15 per cent each, eggs by eight per cent, moong by six per cent, arhar by five per cent, and fruits and vegetables by three per cent during the week. The price of barley, however, was down two per cent, as was tobacco by three per cent.