Page 4 - Wholesale Food Inflation

Govt took many pro-active steps to control prices of food items: Goyal

Food and Consumer Affairs Minister Piyush Goyal on Sunday noted that the Centre has taken many pro-active steps in last few years to control retail prices of food items and said the government will keep inflation under control while ensuring country's economic growth. He was addressing an event, organised by the ministry here, to celebrate National Consumers Day. "Today, India has become the fastest growing large economy. Going forward, we will keep inflation under check and also ensure economic growth," Goyal said. Retail inflation inched up to a three-month high of 5.55 per cent in November driven by higher food prices, according to latest official data. The retail inflation based on the Consumer Price Index (CPI) was at 4.87 per cent in October. Inflation had been declining since August when it touched 6.83 per cent. On steps taken by the central government, Goyal highlighted that 140 new price monitoring centres have been set up to keep a close watch on wholesale and retail

WPI inflation in Nov at 0.26%, returns to positive territory after 7 months

The rise in WPI inflation was led by food inflation. The index in this category rose steeply by 4.69% in November as compared to 1.07% in October

India exported 7.3 MT non-basmati, imported 1.9 MT pulses in Apr-Oct: Govt

India has exported 26.08 lakh tonnes of basmati rice and 73.18 lakh tonnes of non-basmati rice during the April-October period of this fiscal year. In a written reply to Lok Sabha, Agriculture Minister Arjun Munda shared export data of major foodgrains. As per the data, the exports of basmati rice stood at 45.61 lakh tonnes in the entire 2022-23 financial year while the shipments of non-basmati rice stood at 177.92 lakh tonnes. Exports of basmati rice stood at 44.15 lakh tonnes in 2018-19; 44.55 lakh tonnes in 2019-20; 46.30 lakh tonnes in 2020-21; and 39.44 lakh tonnes in 2021-22. The data showed that exports of rice (other than basmati) were at 76.48 lakh tonnes in 2018-19; 50.56 lakh tonnes in 2019-20; 131.49 lakh tonnes in 2020-21, and 172.89 lakh tonnes in 2021-22 fiscal. India's total rice production stood at 1,357.55 lakh tonnes in 2022-23 as against 1,294.71 lakh tonnes in the previous year. Rice output stood at 1,164.84 lakh tonnes in 2018-19; 1,188.70 lakh tonnes in 201

Costly curry: Ginger, garlic retail prices double in 6 weeks on low supply

Retail prices of garlic are in the Rs 180-300 per kg price bracket, depending on the quality of produce in different markets. Wholesale prices, on the other hand, are somewhere between Rs 150-260

S&P Global, Morgan Stanley peg India's GDP growth at 6.4% in 2024

Those at Goldman Sachs, on the other hand, see the Indian economy growing a tad lower at 6.3 per cent in the year ahead.

UK govt cuts taxes to jam labour ahead of general elections next year

Hunt's most eye-catching announcement was a two percentage point reduction to the headline 12% rate of national insurance

Inflation expectations climb in US, Americans predict 4.5% rise in 2024

Americans expect prices will climb at an annual rate of 4.5% over the next year, up from the 4.4% expected earlier in the month, according to the final November reading from the University of Michigan

Indian rice exporter KRBL posts 28% profit drop in Q2 on weak demand

Consolidated net profit at the 'India Gate' basmati rice maker fell to 1.53 billion rupees ($18.37 million) for the quarter, from 2.13 billion rupees a year ago.

India's food price surge forces government measures to improve supplies

The measures could cumulatively cost the government over $12 billion, the government sources said

Tomatoes expected to become affordable as wholesale prices decline 30%

While tomatoes bring a sigh of relief, onion prices may be next in line to dig a hole in your pocket

Rupee depreciates 6 paise to 82.81 against US dollar in early trade

The rupee depreciated 6 paise to 82.81 against the US dollar in early trade on Tuesday as a negative trend in domestic equities and firm crude oil prices weighed on investor sentiments. Forex traders said the rupee is trading lower on strong dollar and foreign fund outflows over the past few days. At the interbank foreign exchange, the domestic unit opened at 82.80, then touched 82.81, registering a decline of 6 paise over its last close as the RBI monetary policy committee meeting begins on Tuesday. The policy decision will be announced on Thursday. On Monday, the rupee had settled 6 paise higher at 82.75 against the dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.28 per cent to 102.33. Brent crude futures, the global oil benchmark, rose 0.12 per cent to USD 85.44 per barrel. Rupee is trading in a narrow range and volatility remained low ahead of the RBI policy statement that is scheduled to release later this

India rate panel to dial up hawkishness even as it holds policy steady

The MPC at its June policy meeting also reiterated its intent of nudging inflation towards its medium-term target of 4% and not just holding it below 6%

As tomato prices hurt, Uttarakhand residents cross into Nepal for shopping

Tomatoes are selling for upwards of Rs 120 per kg in India, whereas in Nepal, they cost Rs 100 to Rs 110 Nepali rupees which come at around Rs 70-75 per kg in Indian rupees

After denying rice to Karnataka, FCI struggles to find bidders in e-auction

Only private entities were eligible to participate in the auction

Easing inflation helps FMCG, retail register healthy sales growth in June

The footwear category grew as well but was not among the better-performing verticals with a year-on-year sales growth of 2-3% in May

Why not pass benefits to people despite negative WPI: Cong to Centre

The Congress on Friday questioned the Centre that despite a negative wholesale price Index (WPI), why wasn't the people benefiting out of it

Sri Lanka economy shows 'tentative signs of improvement', says IMF

Sri Lanka's bankrupt economy has shown "tentative signs of improvement," a top IMF official has said, underlining that this reform momentum must continue under strong ownership by both the authorities and the Sri Lankan people. These remarks were made by International Monetary Fund Deputy Managing Director Kenji Okamura on Thursday at the end of his two-day official visit to the debt-trapped island nation. Sri Lanka's economy is showing tentative signs of improvement, in part due to the implementation of critical policy actions. But the economic recovery remains challenging. Now, more than ever, it is essential to continue the reform momentum under strong ownership by both the authorities and the Sri Lankan people, he said in a statement. Okamura's visit followed the approval on March 20, 2023, by the IMF Executive Board of 48-Month arrangements of about USD 3 billion under the Extended Fund Facility (EFF) with Sri Lanka. He said the current economic crisis has its genesis in polic

Core inflation still remains elevated, may not fall below 5% in FY24

The core inflation has remained stuck in the range of 5-6.6 per cent for over two years

Greek Inflation impacting coffee cups, people cutting consumption

Meeting over a cup of coffee has long been an integral part of Greek culture. However, the inflationary pressure of the past year has forced 54 per cent of people to cut back on their caffeine habit

At 3.85%, India's wholesale inflation falls to lowest since January 2021

Earlier on Monday, the government data showed that the Consumer Price Index (CPI)-based inflation was at 6.44% in February