The Economic Study mentions inflation, especially the increase in the prices of vegetables and tomatoes.
The Economic Survey 2024 has arrived before the country. The government has estimated that the growth rate will be between 6.5 and 7 percent in the current financial year. On the other hand, a lot of concern has been expressed in the survey regarding inflation. The survey says that food inflation is still high. Prices of tomato and onion are very high. On the other hand, prices of pulses are also quite high. In the Economic Survey, it has been said that the main reason for the rise in inflation in the country is climate change. On one hand, crops are being harmed due to extreme heat. After that, due to heavy rains, both crops and the supply chain are affected. We will also tell you what kind of things have been said in the Economic Survey regarding inflation.
Food inflation continues to rise
According to the Economic Survey, the main reason for the continuous rise in inflation is the increase in food prices. According to the survey, the best food inflation as per the Food Consumer Price Index (CFPI) stood at 3.8 percent in FY2022. Which declined to 6.6 percent in FY2023. Food inflation is estimated at 7.5 percent in FY2024. This means that food inflation has seen a rise of 97 percent in the last two financial years. If we talk about the month of June, then according to the government data the food inflation was 9.55 percent, while in May 2024 this figure was 8.69 percent.
What is the reason for the increase in inflation?
In the Economic Survey, it is said that the main reason for the rise in inflation is climate change. The Economic Survey states that food prices have increased due to increasing heat, uneven monsoons across the country, unseasonal rains, hailstorms and drought in different parts of the country. The survey said that prices of vegetables have increased due to intense heat and heavy rains due to poor harvests. During this period, prices of onion and tomato have increased significantly. If we talk about pulses, the production of pulses has declined in the last two years and there has been a rise in prices.
Inflation at five-month high
Inflation data for the month of June was revealed in July. According to the data, retail inflation hit a five-month high in June. According to government data, India’s retail inflation stood at 5.08 percent. While in the month of May, retail inflation stood at 4.75 percent. Which was at the lowest level in about a year. In the month of May, the inflation rate was 4.83 percent.
