Reported By:| Edited By: |Source: |Updated: Apr 14, 2022, 07:51 PM IST
Consumers paying one-fourth more in April than March, prices of oil, vegetables likely to rise
Rising inflation has become a major cause of concern for most people in the country. In March, the retail inflation touched a 17-month-high level. Even now, commodities are being sold at a much higher price.
Based on a survey conducted by digital community-based platform LocalCircles, majority of the public is paying more for vegetables in April than in March.
The survey included 11,800 responses from citizens of 311 districts in the country. It further unveiled that more than a third of the total respondents are paying one-fourth more to buy vegetables in April than the earlier month.
Another such survey conducted by LocalCircles unveiled that one-fourth of households have been forced to reduce their consumption of edible oils due to retail inflation. This survey covered 36,000 consumers from 359 districts in India from March 23 to April 7.
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Nearly 29 per cent consumers said that they had to go for cheaper cooking oil to meet their needs.
According to the Consumer Price Index based inflation data, retail inflation of 6.95 per cent has increased the prices of fuel and essential food items like vegetables, meat, milk and cereals.
The food inflation rates touched a remarkable 7.68 per cent hike in March as against 5.85 per cent in the previous month. The vegetable prices also saw an 11.64 per cent hike.
According to experts, the rising inflation is majorly due to the disturbed supply chain amidst Russia-Ukraine war.
Notably, the monetary policy announcement made by the Reserve Bank of India has increased retail inflation forecast to 5.7 per cent for the current financial year 2022-23. As per RBI Governor Shaktikanta Das, the central bank has hiked inflation forecast due to “heightened geopolitical tensions since end-February have upended the earlier narrative and considerably clouded the inflation outlook for the year.”
Referring to further rise in prices, Das said that feed cost pressures are likely to aggravate global supply shortages. This in turn could affect the prices of poultry, milk and other essential items.
