Food Inflation: Inflation in the country remains under control. However, in the last few months, there has been a lot of variation in the price of food items. The Reserve Bank of India (RBI) is cautious about this. RBI Deputy Governor MD Patra has said through a report that we have been successful in controlling inflation rate through RBI’s monetary policy. In the last few months, food prices have created problems many times. The pressure of food prices remains constant.
If food inflation is not stopped then it is difficult to control inflation rate
Deputy Governor MD Patra said that if food inflation continues like this, then a cautious approach will have to be adopted while making monetary policy. If the situation of food inflation worsens, it will not be easy to keep the inflation rate under control. Monetary policy plays an important role in moving the economy forward and keeping inflation under control. The report says that by making necessary changes in the monetary policy, we can reduce the impact of food inflation.
Food inflation was high in 57 percent of the months in 5 years
The report said that between June 2020 and June 2024, food inflation was 6 percent or above in a surprising 57 percent of the months. This shows that the situation is messed up. Every year, the food inflation figure is moving fast in some months. In the last few months, due to extreme heat and rain, the prices of vegetables and fruits have increased rapidly. On the other hand, inflation has come down historically. The common man has to face trouble due to food inflation.
Problems arising due to change in monsoon and intense heat
According to the report, changes in monsoon and intense heat are the result of climate change. This has happened several times since 2020. Food inflation averaged 6.3 percent during the year 2020. Whereas between the years 2016 and 2020, this figure was only 2.9 percent. In such a situation, we will have to seriously consider this in the upcoming monetary policy.
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