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India Inflation: When the retail inflation figures for the month of May 2023 were announced and this figure came down to 4.25 per cent, then everyone started hoping that relief from expensive EMIs could soon be given. But in the last few days, the way the prices of tomato to arhar dal have seen a sharp jump, after that the hopes of getting relief from the expensive debt seem to be running dry.
RBI MPC meeting in August
There will be a meeting of the Monetary Policy Committee of RBI from 8-10 August. And on August 10, the RBI governor will announce the results of the committee meeting. And the increase in the inflation of greens, vegetables and pulses has been seen, now there is very little hope that there will be any relief from the expensive loans in the month of August. Rather, RBI can maintain the repo rate at the level of 6.50 percent.
227 percent jump in tomato prices
From the month of June, there is again a boom in food items. If you look at the figures of the Price Monitoring Division of the Ministry of Food and Consumer Affairs, the average price of Arhar Dal which was Rs 122.08 per kg on June 1, 2023 has increased to Rs 131.1 per kg on July 4. There has been a jump of 7.40 per cent in the prices in just one month. The average price of tomato, which was Rs 25.44 per kg, has increased to Rs 83.29 per kg on July 4. That is, there is a jump of 227 percent in the average price of tomato in a month. However, Arhar dal is available at Rs 200 and tomato at Rs 140 per kg in the retail market.
Price of rice-sugar, onion and milk also increased
Inflation is not limited only to Arhar Dal and Tomato. The average price of rice on June 1 was Rs 39.28 per kg, it has increased to Rs 40.26 per kg on July 4. Means there has been a jump of 2.50 percent in the prices. Sugar was available at Rs 42.53 per kg, now it is available at Rs 43.04 per kg. On June 1, the average price of onion was Rs 22.31 per kg, it has increased to Rs 25.33 per kg on July 4. Not only this, the prices of flour, urad dal and milk have also increased during this period. In such a situation, it is clear that when the retail inflation data for the month of June will come, then there will be a rise again in the food inflation which had come down to 2.91 percent in May.
The war against inflation is not over yet
According to the minutes of the monetary policy meeting released in June, the RBI governor had said that inflation has been brought within the tolerance band, but the war against inflation is not over yet. He had also said then that it is not possible to give any guidance regarding future decisions regarding the cycle of interest rates. And now that the prices of food items are seeing a jump again, it would be futile to expect cheap loans.
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