Business & Finance

Retail Inflation Surges To 7% In August On High Food Prices

Retail Inflation

Retail food inflation surged to 7.62 per cent in August as against 6.75 per cent recorded in the previous month. There was a sharp jump in vegetable prices. Inflation in vegetables soared to 13.23 per cent in August.

New Delhi: Indiaโ€™s retail inflation rose to 7 per cent in August from 6.71 per cent in the previous month due to a sharp rise in food prices, as per the government data released on Monday.

Retail inflation has been above the Reserve Bank of Indiaโ€™s tolerance band for the eighth consecutive month. With the headline inflation coming above 6 per cent for the eighth month in a row, the RBI is on a brink of failing to meet its inflation mandate. The RBI is mandated to keep inflation in a range of 2-6 per cent. The RBI is deemed to have failed in its mandate if the average inflation remains outside the 2-6 per cent band for three consecutive quarters.

Retail food inflation surged to 7.62 per cent in August as against 6.75 per cent recorded in the previous month. There was a sharp jump in vegetable prices. Inflation in vegetables soared to 13.23 per cent in August.

Also Read:India Announce Squad For T20 World Cup, Series Against Australia & South Africa

 

In August, the price rise was sharper in rural areas than the urban areas. Rural inflation surged to 7.15 per cent in August from 6.8 per cent in the previous month. Urban inflation jumped to 6.72 per cent in August from 6.49 per cent in July 2022, as per the data released by the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI).

The Price data are collected from selected 1114 urban markets and 1181 villages covering all States/UTs through personal visits by field staff of the Field Operations Division of NSO, MoSPI on a weekly roster.

During the month of August 2022, NSO collected prices from 99.9 per cent villages and 98.4 per cent urban markets while the market-wise prices reported therein were 89.6 per cent for rural and 92.8 per cent for urban.

(Except for the headline, this story has not been edited by HW News staff and is published from a syndicated feed.) 

Dear Readers,
As an independent media platform, we do not take advertisements from governments and corporate houses. It is you, our readers, who have supported us on our journey to do honest and unbiased journalism. Please contribute, so that we can continue to do the same in future.
Some error occurred

Related posts

National Politics

โ€œCongress No Longer National Partyโ€: KCRโ€™s Daughter

Shashank

The Congress must be a โ€œteam playerโ€ and join forces with regional powers if it wants to defeat the BJP, Bharat Rashtra Samithi (BRS) leader K Kavitha said today, reported NDTV. 

The legislator, who is the daughter of Telangana Chief Minister and BRS chief K Chandrashekar Rao, told reporters in Delhi that the Congress is no longer a national party and wondered when it will โ€œshed its arrogance and face realityโ€.

Ms Kavitha is in Delhi to participate in a protest demanding implementation of the Womenโ€™s Reservation Bill. During her stay, she would also appear before the Enforcement Directorate in connection with the alleged Delhi liquor policy scam.

The ED case alleges that Ms Kavitha is part of the โ€œSouth Cartelโ€ that benefited from kickbacks after Delhiโ€™s now-scrapped liquor policy came into force. The BRS leader has denied the allegations and accused the centre of misusing probe agencies for political goals.

Now that assembly elections in Telangana are due, the centre was continuously sending its agencies to the state, Ms Kavitha alleged today. โ€œIncome Tax (department) has conducted 500 raids, 100 raids by CBI and 200 by ED in Telangana because itโ€™s election year.โ€

She also said that if a woman has to be interrogated by a central agency, then as per law, she has a โ€œfundamental rightโ€ to be questioned at her home.

โ€œWe released a poster on March 2 about the hunger strike in Delhi over the Womenโ€™s Reservation Bill. Eighteen parties confirmed their participation. ED summoned me on March 9. I requested for March 16, but donโ€™t know what haste theyโ€™re in, so I agreed for March 11,โ€ she said.

โ€œI requested ED that they can come to my house on March 11 to investigate, but they said I will have to come to them,โ€ the BRS leader added.

On the 18 partiesโ€™ protest in Jantar Mantar tomorrow, she said they will press for introduction of the Bill in the current session of Parliament. โ€œEven after 27 years, we are still discussing about the Women Reservation Bill,โ€ she said.

The legislation, which proposes a Constitutional amendment to reserve 1/3 of the seats in Lok Sabha and Assemblies, was first introduced by the HD Deve Gowda government in 1996, but held up due to some objections. In another push during the UPA era, a Bill for womenโ€™s reservation in legislature was passed by Rajya Sabha in 2018. The Lok Sabha, however, never voted on it and the Bill eventually lapsed.

โ€œOn behalf of all the women of the county, I salute Sonia Gandhi for her initiative to bring the Women Reservation Bill. It was due to her efforts that the Bill was passed in Rajya Sabha,โ€ Ms Kavitha said.

Related posts

News Hub