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Vegetable Inflation: The inflation rate is continuously increasing in India and in the month of October, the retail inflation rate has gone above the target of 6 percent set by the Reserve Bank. Retail inflation has reached 6.21 percent in October, which is its highest level in 14 months. This is the first time after August 2023 that retail inflation has crossed the tolerance level of RBI. There was an increase in the inflation rate in the country due to a sharp rise in the prices of food items, especially vegetables.
At what height did the prices of vegetables reach in the country?
In October, the inflation rate of vegetables has reached a 15-month high of 10.87 percent. In this too, the highest increase has been recorded especially in the prices of TOP i.e. tomato, potato and onion.
- This year, a jump of 161 percent has been seen in the prices of tomatoes.
- A jump of 65 percent has been seen in the prices of potatoes on an annual basis.
- Onion rates have increased by 52 percent this year.
- The rate of cabbage prices was 21 percent at the beginning of the year, which has increased to 31 percent.
Wholesale inflation also increased
A significant increase was also seen in the wholesale inflation rate and it came down to 2.36 percent and in this also the inflation rate of 11.59 percent in the food inflation rate is becoming a matter of great concern.
Supply side and supply chain issues
The lack of solution to the supply chain problem is surprising and underlines the fact that despite the presence of big players in the vegetable market, the supply problems have not been completely resolved. The surprising thing is that during the winter season the supply is usually good and despite this, if the prices of routine vegetables like tomato and onion are not coming down, then it is a matter of concern.
RBI also faces challenges
At present, after the huge increase in the prices of vegetables, especially potatoes, onions and tomatoes, new debates are also taking place. The challenge before the Governor of the country’s central bank RBI is to cut the interest rates in the monetary policy of the Reserve Bank to be held in December, which have remained at the same level this year.
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