-The Economist For the first time ever, the number of poor people is declining everywhere THE past four years have seen the worst economic crisis since the 1930s and the biggest food-price increases since the 1970s. That must surely have swollen the ranks of the poor. Wrong. The best estimates for global poverty come from the World Bank’s Development Research Group, which has just updated from 2005 its figures for those living in...

Rice, wheat production seen at highest ever, but other commodities show a decline from previous year’s harvest The government estimated a record high foodgrain crop for the 2011-12 crop year that ends in June, driven mainly by higher output of rice and wheat, but experts said prices are likely to remain firm and keep inflation at around 7%. The likelihood that the government will increase the minimum prices it guarantees farmers for...

-PTI Government came under attack in the Lok Sabha today on the issue of price rise with the Left parties demanding that an all-party meeting as also a conference of Chief Ministers be convened soon to take concrete steps to check the price line.  Raising the issue during Zero Hour, CPI(M) leader Basudeb Acharia accused the government of "total failure" in reining prices despite several assurances from the Prime Minister and the...

Consumers may have to pay substantially more for pulses, oilseed, and rice in the coming months if the government accepts the recommendations of an expert panel to increase farm-gate price of these commodities by up to 30%, further stoking food inflation. The Commission on Agricultural Costs and Prices (CACP), under the ministry of agriculture, has recommended a 25% rise in the floor price of cotton, 16% rise in paddy, 30% rise...

Rising wages in both rural and urban India have contributed to inflation, and managing price levels when wages are rising is key to deriving benefits from higher growth, the Reserve Bank of India has said.  "The pressure on generalised inflation from sustained increase in wage costs has been one important characteristic of the recent high inflation episode. Wage increases for unskilled labourers in rural areas continue to be at a rate...