even as retail inflation After touching a 17-month high in March, prices of key commodities remain high this month as well. most people said they are pay more for vegetables According to a survey, in April they paid in March.
A third (or 37 per cent) of the total respondents said they are paying a quarter more to get vegetables in April compared to the previous month, according to a survey conducted by digital community-based platform LocalCircle. The survey received 11,800 responses from citizens of 311 districts in the country.
In another survey of local circles covering 36,000 consumers spread across 359 districts of India between March 23 and April 7, one-fourth of households (24 per cent) said they were forced to reduce their consumption of edible oils has gone. their retail rates. About 29 percent said they reduced their cooking oil to make it available for a cheaper alternative.
The latest Consumer Price Index (CPI) based inflation data released recently showed that retail inflation hit a 17-month high of 6.95 per cent in March, due to which the prices of fuel and food items such as vegetables, milk, The jump came Meat, and grains.
Inflation jumped in March mainly on the back of growth in food articles. Inflation in food articles stood at 7.68 per cent during the month, as against 5.85 per cent in February. Core inflation, which excludes the food and fuel components, also rose to a 10-month high of 6.29 per cent in March.
Food inflation rose to 7.68 per cent in March from 5.85 per cent in the previous month. The jump in the food basket was due to a sharp rise in oil and fat prices, which climbed 18.79 per cent year-on-year in March.
Vegetables also saw an increase of 11.64 per cent, meat and fish by 9.63 per cent and spices by 8.50 per cent. Non-alcoholic beverages rose 5.62 per cent in March, while cereals and products grew by 4.93 per cent and milk and products by 4.71 per cent.
The recent spike in inflation is mainly attributed to supply chain disruptions caused by the ongoing Russia-Ukraine war.
In its monetary policy announcement last week, the Reserve Bank of India (RBI) Revised its retail inflation forecast 5.7 per cent for the current fiscal year 2022-23, from 4.5 per cent estimated earlier. RBI Governor Shaktikanta Das said the central bank raised its CPI inflation projections as “increased geopolitical tensions since late February” changed the earlier narrative and increased inflation estimates for the year. The outlook has narrowed considerably.
Presenting the Monetary Policy Committee’s first bi-monthly monetary policy statement for FY23, Das said feed cost pressures may continue due to global supply crunch, which may also impact poultry, milk and dairy product prices. Is.
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