Inflation of milk-dairy products will trouble more, RBI governor said – milk prices will continue to rise

Milk Prices To Remain High: This year, in the summer season, the prices of milk can rob your pocket. Inflation of milk can spoil the budget of your household. Announcing the first monetary policy for the financial year 2023-24, RBI Governor Shaktikanta Das has said that milk prices may continue to rise in this summer season.

Milk prices will continue to rise

Announcing the policy, the RBI Governor informed about RBI’s stance on inflation and said that apart from demand-supply problems, milk prices may continue to rise this summer season due to a sharp jump in fodder prices. It was also clear in the data of retail inflation released by the Ministry of Statistics in the month of March that the inflation of milk has increased month by month. In the last one year, there has been a jump of more than 20 to 25 percent in the prices of milk.

Inflation of milk troubled

According to the figures of retail inflation for February 2023 in the month of March, the inflation rate of milk and its related products has reached 10 percent to 9.65 percent, 14 months ago in January 2022, the retail inflation rate of milk and its related products It was 4.09 percent. In the last 14 months, there has been a jump of 136 percent in the inflation rate of milk. According to the wholesale price based inflation data, the inflation rate of milk and its products increased to 10.33 percent in February 2023, while it was 8.96 percent in January. In the last one year, Mother Dairy and Amul have increased the price of milk five times.

Dairy products become costlier, now considering import

The result of a sharp jump in the prices of milk and products made from it is that the government is considering allowing the import of dairy products to curb the inflation of dairy products. After the Corona epidemic, there has been an increase of 8-10 percent in the domestic demand for dairy products. The increase in the prices of milk has come due to the increasing demand for milk, increase in cost and increase in transportation cost. There is a shortage of fodder for animals in the country. Due to increase in demand and limited supply, the prices have increased. The result of all this is that now the RBI governor has also started saying that the price of milk may increase further.

read this also

RBI Repo Rate: RBI gave big relief and did not increase the repo rate, your loan will not be expensive; Growth forecast also increased