Some inconvenient truths for Al Gore

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RBI says food inflation spreading to general economy

Though a range of essential items still continue to be expensive, the rate of price rise has been falling for some time now

The Reserve Bank of India (RBI) on Thursday said that high inflation, primarily driven by food prices, has started spreading to the broader economy but it is likely to ease on the back of an expected moderation in food prices, reports PTI.
"Inflation is now broad-based and spreading to areas other than food, especially manufacturing, and is not just restricted to food inflation," RBI's deputy governor, Subir Gokarn, told reporters in Mumbai.

Food inflation dropped to 17.81% towards the end of February, but fuel inflation shot up due to a hike in excise and customs duty in the Budget.

While food prices are expected to moderate further in the weeks ahead, the overall inflation may hit double digits by fiscal end as manufactured and fuel prices are going to get costlier, say experts.

"Food inflation will moderate. However, other inflation like fuel and manufactured inflation will firm up, also because of low inflation last year," CRISIL's principal economist DK Joshi said. Overall inflation will reach 10% by March-end, he said.
Food inflation declined by 0.06 percentage points during the week ended 27th February from 17.9% in the previous week.

The wholesale price index (WPI) inflation rose to 8.56% in January, breaching the RBI's end-March projection of 8.5%.

Though a range of essential items still continue to be expensive, the rate of price rise has been falling for some time now. The declining trend, if sustained, would buttress the government's confidence that prices will start easing from April onwards.

On year-on-year pulses were dearer by 33.38%, slightly lower than over 35% in the previous week, while potatoes turned costlier by 22.46%. Onion rose by just 2.98%.

Overall vegetable prices shot up by 15.61%, while milk prices was up 15.31% and fruits 11.77%.

The declining trend, if sustained, would buttress the government's confidence that prices will start easing from April onwards, but a lot depends on Rabi (winter) crops, say experts.

Mr Gokarn said that food price-inflation is likely to ease moving ahead on the back of an expected good Rabi crop, although certain commodity prices may stay high.

"We are in the early part of rabi harvest and there is a growing confidence that the harvest is reasonably good, although there will be pressure on specific commodities-- overall we should see some moderation in food prices," he added.

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COMMENTS

Shadi Katyal

7 years ago

Who is trying to fool the people. If almost 18% inflation is not a hyper what will one call a normal. We have lived on deficit budget not only of the center but also of states too long and if this tendency continues we wil;l be joining the Banana republics.
Who said that food prices are being reflected in other commodities why not admit that it is the hyper inflation which is effecting the economy and thus price increase in every aspect of economy.If we cant control our budget deficit we can see more inflation and price increases.
Inst ed of making fools of people tell the truth

Seafarers unions want to stay away from the Gulf of Aden

Seafarers from India and other Asian countries have warned that they will not sail to the Gulf of Aden and Somalia, unless the threat of piracy is contained soon

Having faced numerous pirate attacks in the recent past, seafarers from India and other Asian countries have warned that they would not sail to the Gulf of Aden and Somalia, unless the threat of piracy is contained soon, reports PTI.

The National Union of Seafarers of India (NUSI) has taken the lead in this regard and has interacted with its counterparts in Malaysia, Bangladesh, the Philippines and other Asian countries in the interest of sailing crew.

"Discussions with the unions (of other countries) are already on. If the situation does not improve, then seafarers from labour-supplying countries will not sail to these pirate-infested places," NUSI's general secretary-cum-treasurer, Abdulgani Y Serang, told PTI in Mumbai.

NUSI has refrained from setting a deadline for this but "if things do not improve soon, then we will be forced to resort to this action," Mr Serang said.

Seafarer associations from across the globe will meet next week in Berlin to take a final decision on the issue, he said.

"Our Union is spearheading and co-coordinating an international agitation on the issue with the support of unions from India, the Philippines, Indonesia, Bangladesh, Ukraine, Malaysia, Sri Lanka and other labour-supplying countries," he said.

Indian crew are unsatisfied with the steps taken so far by the world authorities such as the International Maritime Organisation (IMO), the Indian government and others, he said.

There are still 11 vessels with more than 200 crew members of different nationalities held by pirates in the region, he added.
 

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