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As per latest government data, the food inflation in the country was 7.76 per cent in February 2024.
In the aftermath of the bi-monthly Monetary Policy Committee (MPC) meet, the Reserve Bank of India (RBI), Governor, Shaktikanta Das, said that vegetable prices in the country may be impacted because of the Indian Meteorological Department’s (IMD) prediction of severe heat waves during April-June quarter of current calendar year. Earlier this week, the Indian Meteorological Department (IMD) has predicted that many parts of the country are likely to witness heat waves during the summer season (April to June).
Das refused to admit heat waves will impact wheat availability.
“So we have to watch what impact it has on food crops, and I have mentioned key vegetables. On wheat crop our information is that by and large the harvesting is over. In central part of India it’s fully over and even in other places also, by and large wheat harvest is over,” he said during the media interaction after the announcement of first bi-monthly monetary policy for 2024-25.
The price of wheat in last one year has remained bit volatile, but, due to several steps taken by the government, wheat prices are currently around Rs 30 per kg.
RBI deputy governor, Michael Patra said food inflation has been highly volatile in the recent past is expected to remain high because of adverse climatic condition. hE added that recently, food prices have remained high mainly because of high prices of egg, meat, fish, rice, cereals and vegetables.
According to a report by domestic credit rating agency, Crisil, prices of vegetables like potatoes, tomatoes and onion have risen by 22 per cent, 36 per cent and 40 per cent, respectively.
As per latest government data, the food inflation in the country was 7.76 per cent in February 2024. CPI inflation print for March 2024 is scheduled to be out next week.