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India Food inflation jumps to 18.32 p.c. on rising onion, vegetable prices

Discussion in 'Breaking News' started by spnadmin, Jan 6, 2011.

  1. spnadmin

    spnadmin United States
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    1947-2014 (Archived)
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    Jun 17, 2004
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    Soaring onion and other vegetables’ prices led to a sharp rise in inflation at 18.32 per cent for the week ended December 25, a development that may prompt the Reserve Bank to tighten monetary policy to check further escalation in commodity costs.

    Food inflation jumped up by 3.88 percentage points from 14.44 per cent recorded in the previous reporting week, and edged closer to the high level of 19.90 per cent, last witnessed a year ago.

    The rise in food inflation has been mainly on account of 58.58 per cent rise in prices of vegetables in the wholesale market.

    Among the individual items, onion became dearer by 82.47 per cent on annual basis, while egg, meat and fish became costlier by 20.83 per cent, fruits by 19.99 per cent and milk by 19.59 per cent.

    The data further reveals that onion prices during the one week period ending December 25, rose by 23.01 per cent in the wholesale market.

    With food inflation accelerating, RBI may take more measures in its forthcoming quarterly review of the monetary policy on January 25.

    The central bank during 2010 had raised short-term key policy rates six times to tame inflation.

    Meanwhile, in the non-food category, the prices of fibres and minerals have climbed by 35.53 per cent and 30.58 per cent, respectively.

    Rising food prices will reflect on the monthly inflation data for December, scheduled for announcement on January 14.

    The overall inflation in November had come down to 7.75 per cent from 8.58 per cent a month ago.


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  3. kds1980

    kds1980 India
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    Apr 4, 2005
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    Onion prices soar as Pakistan bans Export

    New Delhi, Jan 6 (TruthDive): Onion continues to bring tears to the UPA government. Reports from Islamabad state that Pakistan has banned the export of onions. In a late reaction the Pakistan government realized the country itself was facing a shortage and on the other hand it was exporting to India. The ban has created a crisis for India.

    The prices of onions fell by Rs 10 and were pegged at Rs 45 a kilo but with the flow of onions from Pakistan stopped the prices are skyrocketing. Reports from Mumbai state that thousands of kilos of onions are rotting in the Mumbai port since the agency for giving quality check has yet to do so.

    Northern Most States like Punjab which shares the border with Pakistan gets its supply through trucks that come in.

    Hotels and eateries across the country have now taken off dishes that are made out of onion. The common man who depends on the omelet made at roadside eateries now finds that it is either priced high or is given without onions.

    Whole sale markets too are said to be hiking up prices and retail markets are putting up a 20% margin. The rising prices have pushed up inflation to a record high. The mounting criticism that the economic committee and the food and agriculture ministry were caught napping has put the UPA on the defensive.

    The finance Ministry has gone on record that it does not have a mechanism to control the inflation.

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