Inflation at 17 month high in March: Will the vegetable prices rise further?
By the retail inflation touching a 17-month-higher level in march, the market is expected to rise higher this month. The key prices of commodities of will remain high this month also. The public is already complaining about paying more on vegetables and other commodities in April than last month.
The inflation in March jumped mainly due to rise in food items. The boost in the food prices during the month stopped at 7.68 per cent. The prices were much higher compared to the 5.85 per cent hike in February. Furthermore, the core inflation (food and fuel excluded), also rose to a 10-month high of 6.29 per cent in March 2022.
According to a survey conducted by digital community-based platform LocalCircles, nearly 37 percent are paying one-fourth more to buy vegetables in April compared to March. About 29 per cent said they have downgraded their cooking oil to some cheaper alternatives due to the price-hike.
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Recently released CPI (Consumer Price Index) based on inflation data shows that the retail inflation in March lead to the price hike in food items such as vegetables, meat, milk and cereals. The recent spike in inflation is mainly caused by the supply chain being disrupted due to the ongoing Russia-Ukraine war. However, what does seem like a task right now is to find a balance between the current prices and your pocket.
Analyzing the current situation, it seems like the vegetable prices will witness another hike. Lemons will keep giving sour times to the public. The market is expected to rise higher in the upcoming months as well. The Reserve Bank of India’s monetary policy announcement last week states that its retail inflation forecast will be revised upwards to 5.7 per cent for the current financial year 2022-23. RBI Governor Shaktikanta Das said that the central bank has increased its CPI inflation projections.
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