Business

No respite from rising food prices anytime soon: RBI

New Delhi, Dec 19 (Agencies) | Publish Date: 12/19/2019 11:30:43 AM IST

While India is going through a phase of high food prices, there doesn’t seem to be any relief in the near future. The upsurge in prices of vegetables is likely to continue in the immediate months, said the RBI monetary policy committee. According to Financial Express, it said that the high prices of other food items such as milk, pulses, and sugar will also continue to stay at the elevated levels. The high prolonged high prices of food items have also induced a spike in both the 3-month and 1-year ahead inflation expectations of households polled by the Reserve Bank. 

Such sentiment upsides are also being reflected in other surveys. Considering the above factors, the central bank has revised upwards the CPI inflation projection to 4.7 – 5.1 per cent for H2 FY20 and 3.8 – 4% in H1 FY21. However, it has also been said that a pick-up in arrivals from the late Kharif season along with the government’s fiscal measures, may soften vegetable prices by early February 2020. RBI MPC report also said that India’s market is running at a slower pace than the world. Initially, the global slowdown was largely blamed for the slowdown in India.

 

-Tags:#RBI

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