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Inflation Likely To Go Up: Due to wheat and rice, a jump in food inflation can be seen in the coming days. HSBC has said in one of its reports that tomato prices are not a big problem but the problem lies elsewhere. HSBC has predicted an inflation rate of 5 percent for the current financial year.
HSBC said in its report that if there is a jump in the prices of grains like wheat and rice, then there is a danger of increasing inflation. HSBC economists Pranjul Bhandari and Ayushi Chaudhary said in their report that the data on rainfall and paddy sowing is going to be very important for the next few weeks.
Due to decrease in sowing in the north-western part of the country, due to lack of rain in south and eastern India, rice cultivation can be affected. Due to this, there may be a decrease in the export of rice. India is the largest exporter of rice in the world. Due to this, it is possible to increase the prices of rice worldwide.
Russia has warned that a ship heading towards the port of Ukraine will be seen as a ship carrying military material. After this warning from Russia, there has been a sharp jump in the future prices of wheat. The prices have also increased due to the fear of El Nino. In such a situation, there is a possibility of increasing the prices in India.
Cereals account for 10 percent of India’s consumer price index basket, which is a major part of the diet of most Indians. Similarly, in June 2023, due to the jump in food inflation rate, the retail inflation rate has increased to 4.81 percent. There is a possibility of further increase in inflation in the coming days. The government has similarly banned the export of non-basmati rice so that prices can be brought down in the domestic market. At the same time, due to uneven rains and floods, an increase in the prices of pulses including tomatoes and other vegetables is being seen.
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