India: Veg price increases push up food inflation

Published: 2016-06-15 Views: 2

Core Tip: Hefty increases in vegetable prices in India contributed to pushing up overall food inflation, which increased to 7.55 per cent in May against 6.32 per cent in the previous month, according to data released by the Central Statistics Office (CSO).

Hefty increases in vegetable prices in India contributed to pushing up overall food inflation, which increased to 7.55 per cent in May against 6.32 per cent in the previous month, according to data released by the Central Statistics Office (CSO).

Retail inflation based on Consumer Price Index (CPI) surged to 5.76 per cent in May on the back of the increase in vegetable prices. It was 5.47% in April.

Inflation in the vegetable basket more than doubled to 10.77 per cent during May against 4.82 per cent in the previous month.

Commenting on the CPI data, Richa Gupta, Senior Economist, Deloitte, said a jump in food inflation has led to the increase in overall print for inflation. “Vegetable prices have moved up over the past one month. Shortage in the sugar market has also moved up prices and could move up further during the festival season. Going forward, we are likely to see inflation remain at around current level and move down slightly towards the end of the year.”

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