01 MAY,2022 | MEDC
Inflation is an emotive matter in India, and food inflation even more so. India's wheat and edible oil markets are now influenced by international events through trade channels. However, food inflation in India predates the Ukraine crisis. Rising food prices have pushed up the headline inflation as food inflation has been sticky in India at around 6% for a year. Our macroeconomic challenges now include elevated inflation, especially food inflation, as it has adverse consequences on a large section of the population which does not seem to have recovered fully from the aftereffects of Covid. The government (both state and central) is now in a position to mitigate the impact of food inflation. This may entail releasing the country's stock of food grains on a regular basis to contain cereal price rise. Controlling food inflation will also ease RBI's task and facilitate a smoother transition to balanced socioeconomic growth.
*Picture Credit: Google
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