Se dispara la inflación en alimentos en India infographic
El gráfico muestra el índice de precios de alimentos al consumidor en India.
GN42968ES

ECONOMÍA

Se dispara la inflación en alimentos en India

By Duncan Mil

July 12, 2022 - Los costos de los alimentos, que representan casi la mitad del índice de precios al consumidor (IPC) de India, subieron 7,97% interanual en mayo, presionados por los precios del aceite comestible y los vegetales que continúan en una espiral ascendente.

India’s poor, that struggle to live on less than $2 per day, are now bearing the brunt of rising food costs as Russia’s war on Ukraine trigger steep gains in commodity prices around the world.

Many economists warn that the outlook is highly uncertain as a heatwave pushed up vegetable prices last month. The government has also cut wheat production estimates because of dry spells in northern India.

In May 2014, when Prime Minister Narendra Modi took charge, pledging to bring down prices, India’s headline inflation was 8.33 per cent. Now, as the consumer food price index hovers just below eight per cent, Modi’s government has cut fuel taxes while the Reserve Bank of India has begun raising interest rates for the first time in nearly four years. But those efforts have come too late to prevent further price rises.

“We see upside risks from food inflation,” said Goldman Sachs.

In response to rising food prices and crop damage, New Delhi has limited wheat exports and announced a cap on sugar shipments and cooking gas subsidies for low-income households.

A Reuters poll of 42 economists between July 4-8 showed inflation as measured by the CPI was steady at an annual 7.03 per cent in June versus 7.04 per cent in May.

The poll suggests that inflation would be above seven per cent for the third consecutive month and above the Reserve Bank of India’s six per cent target band for a sixth month. RBI Governor Shaktikanta Das said inflation was unlikely to fall below its six per cent top-end until December.

Sources
PUBLISHED: 12/07/2022; STORY: Graphic News; PICTURES: Getty Images
Advertisement