Amid the debate over inflation and price rise, the latest data from the consumer affairs department (CAD) revealed that prices of kitchen commodities including wheat, rice, sugar, edible oil and essential vegetables such as potato recorded substantial jumps in the month of July compared to the previous year, in Delhi.
The data showed that price of wheat or atta increased by Rs5 from Rs24 in the year July 2021 to Rs29 in July 2022. Similarly, prices of sugar and mustard oil also witnessed a rise as it went up by Rs3 (from Rs38 to Rs41) and by Rs13 (from Rs172 to Rs185) respectively, during the corresponding period.
Similarly, prices of essential vegetables including potato also recorded an increase from Rs18 to Rs27. However, the data showed that prices of tomato and onion decreased by Rs13 and Rs6 respectively, in July this year, compared to the previous year.
Similarly, prices of groundnut oil, sunflower oil and palm oil also witnessed remarkable rises of Rs21, Rs18 and Rs14 in July this year as compared with the same period last year.
On Monday, Union finance minister (FM) Nirmala Sitharaman told the Lok Sabha that the Central government has reduced customs duty on crude palm oil from 35.75% to first 8.25% and now to 5.5% only, thus, drastically cutting duties so that the common people face lower edible oil prices.
Traders' associations agreed that the price rise, coupled with poor job situation, has impacted the common households in the country.
"You can see the markets in Delhi and other cities. Purchasing capacity of common people has come down drastically. There has been lesser footfalls in all the markets and people have started cutting into their expenditure. Rise in different taxes, job loss after Covid and price rise have a detrimental effect on the pockets of the common man. Leave alone the people at the bottom, even the middle class have been impacted badly through this," said Ramesh Parashar, national secretary of the traders' association AIUTUC.
As per the government data, inflation has stayed over 7% for three months.
In June, the consumer price index (CPI)-based inflation was recorded at 7.01%. However, inflation has eased since the Reserve Bank of India (RBI) started to hike the repo rate in May. On 4th May, the RBI hiked the key interest rate by 40bps (basis points) in a surprise announcement.
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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