Retail inflation: Food items give a jolt, prices of food items increased by 7.68 percent in March, risk of increasing interest rates

Posted on 13th Apr 2022 03:51 pm by rohit kumar

Retail inflation went out of control for the third consecutive month in March due to rising food prices. The worst hit was in rural areas, where retail inflation rose to 7.66 percent. According to the data released by the National Statistical Office (NSO) on Tuesday, the prices of food articles increased by 7.68 percent in March. In the previous month, their inflation was 5.85 percent. Retail inflation stood at 5.52 percent and food inflation at 4.87 percent in March 2021.

 

 

Retail inflation averaged 6.34 percent in the January-March quarter. The NSO said that due to the Russo-Ukraine war, there has been a jump in the prices of edible oils. Due to this, the inflation of oil and fat increased to 18.79 percent. Vegetable prices rose 11.64 percent, while meat and fish prices rose 9.63 percent over February. RBI has raised retail inflation for 2022-23 from 4.5 percent to 5.7 percent. ICRA Economist Aditi Nair said the Monetary Policy Committee has indicated a change in its stance. If inflation does not come down, then the increase in interest rates can start in June.

 

 

According to the local circle, 87 percent of people are troubled by the rising prices of vegetables, due to the increase in the price of vegetables by 25 percent in March, the problems of 9 out of 10 families in the country have increased. Rising prices have affected 87 percent of the households.

 

The budget of the kitchen deteriorated rapidly in fuel with essential commodities

The recent hike in fuel rates coupled with a sharp rise in the prices of essential commodities over the past few months has made life difficult for the people. People are now finding it difficult to manage the budget of their households. The prices of vegetables along with other food items are already sky-high. After that, with the increase in the prices of petrol and diesel by about Rs 10 a liter in the last one month, the problems of the people have also increased due to the cost of gas.

The housewife from Punjab said expensive fuel has made living difficult. The gas cylinder is coming for Rs 1,000. Vegetables, fruits, and edible oils are already very expensive.

 

impact on small businesses

The shopkeeper of Haryana said small business is being affected due to an increase in inflation. Bhopal's milk seller said that due to the increase in the price of petrol, savings are being affected. Earlier he used to put petrol worth Rs 100 on the bike every day, but now he has to spend Rs 160.

 

Rs 100 per day

The fish seller in Kerala said he is buying petrol worth Rs 250 for the bike every day. Earlier he used to buy petrol for Rs 150.

He is losing Rs 100 a day. He travels 23 km every day and has fitted a container in the bike.

 

Auto also affected due to the increase in CNG prices

The person from Delhi said that due to the increase in fuel rates, the cost of transportation has gone up by 15-20 percent. The rise in CNG prices by Rs 10 a kg in a month has affected autos and other vehicles badly.

 

Delhi Auto Rickshaw Association general secretary Rajendra Soni has demanded the government to provide CNG at a subsidy of Rs 35 per kg for running life.

 

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