Inflation Rate in India: Due to rising prices of edible oil, fuel, and many other commodities, this year has put a lot of burden on the pockets of consumers, but some relief is expected on the inflation front in the coming months. The economy, which was damaged by the second wave of coronavirus, is now in recovery mode, but after the new variant of the virus Omicron appeared, the threat to the economy is visible again.
The economy is slowly recovering
The year 2021 has been bad for consumers, apart from rising prices, people have faced loss in income, employment, and loss in business. The prices of commodities, transportation, cooking gas, vegetables-fruits, pulses, and other commodities have increased due to the cost of raw materials. However, the good thing is that there is a gradual economic revival.
Edible oil rates increased this year
The high cost of many manufactured raw materials was passed on by producers to consumers, causing inflation based on wholesale prices to reach an all-time high in November, while retail inflation remained high. This year the price of edible oils also reached Rs 180-200 a liter.
Prices will come down in future
Analysts and experts believe that high inflation will continue. However, a gradual recovery in economic growth and good crop prospects on the back of a normal monsoon will help bring down prices going forward.
Know how much inflation has been
The Reserve Bank looks at retail inflation as the main factor for reviewing the repo rate. He estimates consumer price index-based retail inflation to be around five percent in the first half of next year. Retail inflation was a little over four percent in January 2021 and has crossed six percent twice this year. However, it came down to below five percent in November. On the other hand, Wholesale Price Index-based inflation touched a record high of 14.23 percent in November. In 2020 it was 2.29 percent.
Know what the economist said
Suresh Nagpal, chairman of the Central Organization for Oil Industry and Trade (COOIT), said that the government has reduced the import duty on crude and refined edible oils several times to control the rising prices. Indranil Pan, Chief Economist at Yes Bank said, “We expect that with growth normalizing, commodity prices are likely to moderate and this will be beneficial for India's inflation. Global food prices are high, but this will not have a direct impact on India as India has a sufficient buffer stock of food grains.
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