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New Delhi: The ongoing volatility in the prices of key food items such as tomatoes, onions, and potatoes (collectively known as TOP) and pulses continues to pose significant challenges for the <keyword id="19913109" type="General" weightage="20" keywordseo="monetary-policy-committee" source="keywords">Monetary Policy Committee</keyword> (MPC) of the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="100" keywordseo="RBI" source="keywords">RBI</keyword>), highlights a report by <keyword id="19898108" type="General" weightage="20" keywordseo="SBI" source="keywords">SBI</keyword>. "Current volatility in prices of TOP and pulses continues to challenge the MPC, keeping the headline above target at 5.1 per cent in June 2024," said the report. The report highlighted that this instability in <keyword id="19960157" type="General" weightage="20" keywordseo="food-prices" source="keywords">food prices</keyword> has kept the headline Consumer Price Index (CPI) <keyword id="19895000" type="General" weightage="20" keywordseo="inflation" source="keywords">inflation</keyword> above the targeted level, reaching 5.1 per cent in June 2024. While the inflationary pressures remain a concern, the report stated that there is hope on the horizon due to the currently above-normal <keyword id="19968257" type="General" weightage="20" keywordseo="monsoon" source="keywords">monsoon</keyword> and increased sowing activity, which are further supported by the potential onset of a La Nina event later in the year. "The currently above-normal monsoon and sowing, backed up by a potential La Nina event later, promise reprieve in later quarters," said the report. Importantly, the report added that it is now expected that the CPI will remain above the RBI's medium-term target of 4 per cent in all quarters up until the first quarter of FY26. This persistent overshoot highlights the ongoing inflationary pressures in the economy. "Notably, now the CPI is expected to be above RBI's target of 4 per cent in all quarters till Q1FY26," the report added. However, the report noted that the Monetary Policy Committee expects a moderation in inflation during the fourth quarter, which is anticipated to help keep the overall CPI projection for FY24 unchanged at 4.5 per cent. The SBI report also believes that the volatility in food prices, driven by uneven spatial and temporal distribution of monsoon rains, presents an upside risk to the current inflation projections. As a result, SBI maintains its CPI estimate for FY25 at 4.7 per cent year-on-year. In the latest MPC meeting on Wednesday, RBI Governor <keyword id="19913110" type="General" weightage="20" keywordseo="shaktikanta-das" source="keywords">Shaktikanta Das</keyword> said inflation will moderate from July onwards as the monsoon has improved and global food prices have shown signs of easing in July. Das said, "Global food prices showed signs of easing in the month of July after registering an increase since March 2024." A degree of relief in food inflation is expected from the pickup in southwest monsoon and healthy progress in Kharif sowing. Buffer stocks of cereals continue to be above the norms, according to RBI Governor Shaktikanta Das. Das added, "Assuming a normal monsoon and taking into account the 4.9 per cent inflation print, Q1 CPI inflation for the current financial year (2024-25) is projected at 4.5 per cent, with q2 at 4.4 per cent, Q3 at 4.7 per cent and Q4 at 4.3 per cent. CPI inflation for the first quarter of next financial year (Q1 2025-26) is projected at 4.4 per cent."

High food prices raise concerns but improved monsoon offers hope for RBI: SBI report

<ul class="summary-list"><li>Martinis have become a symbol of loud luxury in major US cities.</li><li>We tried upscale martinis in Los Angeles, San Francisco, and New York City.</li></ul>A <a target="_blank" class="" href="https://www.businessinsider.com/who-invented-martinis-2017-6">martini</a> is one of the simplest cocktails there is — it's just vodka or gin (depending who you ask) and vermouth — and yet <a target="_blank" class="" href="https://www.businessinsider.com/the-40-martini-is-in-and-its-giving-loud-luxury-2024-2">bars in various US cities</a> are adding their twist to it by adding foraged ingredients or serving it with a side of <a target="_blank" class="" href="https://www.businessinsider.com/what-is-caviar-cost-where-to-source-how-to-serve-2019-12">caviar</a>, turning a classic drink that can be ordered at most local bars into a luxury experience.Martinis priced from $30 to $150 or more have been increasingly popping up on menus and are perfectly suited to the <a target="_blank" class="" href="https://www.businessinsider.com/loud-luxury-items-popular-designer-brands-2024-1">loud luxury</a> trend. Unlike <a target="_blank" class="" href="https://www.businessinsider.com/loud-budgeting-trend-backlash-against-quiet-luxury-2024-1">quiet luxury</a>, which involves being more subtle with how much you're spending, loud luxury means <a target="_blank" class="" href="https://www.businessinsider.com/expensive-drinks-rich-people-order-luxury-bars-bartenders-2024-8">splurging and not being afraid to show it</a>.Cue: fancy drinks served on special little trays with sides like <a target="_blank" class="" href="https://www.businessinsider.com/why-is-caviar-so-expensive-2018-2">caviar</a> that turn heads as they move through a bar or restaurant."Yes, it is a luxury martini, and what really makes it luxury is the caviar-stuffed olive on the side," Trevin Hutchins, a bar director at San Francisco's Aphotic, which sells a $30 martini and makes the cocktail tableside, told Business Insider. "Otherwise, it's a pretty classic martini."BI tried five martinis in Los Angeles, San Francisco, and New York, ranging from $30 to $52, and was surprised to find that some actually warranted the price tag.<h2 id="bc9df47d-b966-4307-9daa-cbdef0796ea7">Dante, Los Angeles: $52</h2><div type="image" title="Belini with caviar and a martini" height="2268" width="3024" msid="113365525" hostid="261" sizebytes="340448"></div>In Los Angeles, we went to the fancy side of town to try the Caviar Martini at Dante, the West Coast outpost of the long-standing New York City café and craft cocktail bar. Located on the rooftop of the Maybourne Beverly Hills Hotel, Dante is the kind of place you'd expect to get fancy cocktails.The menu description for the $52 Caviar Martini included Grey Goose, toasted rye, white peppercorn, dolin blanc, bitters, and 14 grams of <a target="_blank" class="" href="https://www.businessinsider.com/lab-grown-caviar-meat-biotech-2023-1">caviar</a>. It was served on a pretty silver tray with a small tin of Calvisius caviar over ice and five blinis — tiny pancakes often served with caviar.Dante told BI that the martini was "based on the Russian tradition of enjoying ice-cold vodka alongside caviar."The drink tasted a little <a target="_blank" class="" href="https://www.businessinsider.com/guides/kitchen/martini">sweet with a malty flavor</a>, unlike a traditional martini — but it was really good and came with a pleasantly surprising amount of delicious caviar, making the price seem justified.Overall, the drink was a genuinely fun, luxurious treat and seemed worth the price.<h2 id="3983b5ff-b98d-4e97-86f8-d80555de24d5">Saltie Girl, Los Angeles: $35</h2><div type="image" title="Martini with sidecar and a tooth pick with a pickled onion and olive with caviar on top." height="2268" width="3024" msid="113365528" hostid="261" sizebytes="397076"></div>At Saltie Girl, the Los Angeles outpost of a popular Boston seafood spot, we tried their namesake martini, the Saltie, which is listed on the menu for $35. The menu description is simple: choice of vodka or gin, Castelvetrano olive, pickled onion, and caviar.We went with gin and were served a classic martini and sidecar on a shiny silver tray and a toothpick with the olive and onion, each with tiny dollops of caviar.The martini itself was solid, but the accompaniments were a bit underwhelming. Serving the caviar on the onion and olive took away from its taste.We were also unknowingly upsold. After choosing gin, the bartender asked what kind and listed a few options, including <a target="_blank" class="" href="https://www.businessinsider.com/guides/kitchen/best-gin">Monkey 47</a>, which we chose. It turned out that made the martini $47 instead of $35. It seemed strange not to have a set list of ingredients for drinks sold at that price point, which should, in theory, reflect the price of the ingredients used.All in all, this one looked a bit more luxurious than it actually was, and might not be worth it for most people. A better option would be to go for a regular martini and order the Saltie Girl caviar separately if you really wanted some, or just some tinned fish.<h2 id="5d52059e-4172-47ae-a44c-0c59820923a9">Aphotic, San Francisco: $30</h2><div type="image" title="A glass of martini with a side of caviar-stuffed olive" height="3024" width="4032" msid="113365522" hostid="261" sizebytes="441162"></div>Inside an inconspicuously marked black building in San Francisco's SoMa district is Aphotic, a <a target="_blank" class="" href="https://www.businessinsider.com/africas-first-caviar-won-over-michelin-starred-restaurants-2024-4">Michelin-starred</a> seafood restaurant known for its cocktail program and in-house distillery.The restaurant's eponymous martini is made with its signature seaweed gin, vermouth, and manzanilla sherry. On the side is a single olive stuffed with caviar from Tsar Nicoulai, which partnered with Aphotic, Trevin Hutchins, the restaurant's bar director, told BI.Though the ingredients stay close to the classic dry martini, it hardly tasted like one. The botanicals inside the drink gave it a lot of fragrance, and it was salty but not as briny as one would expect from a dirty martini."It has that sort of brininess but not olive brine," Hutchins said. "It's more like an ocean brine."The saltiness of the caviar-stuffed olive complemented the drink's oceanic theme well. Hutchins told BI that he likes to eat the olive as a palette cleanser midway through the drink. The martini is also made tableside for dining guests.At the end, the bartender served a small piece of lychee bon-bon, which removed all the saltiness of the drink. This was not necessary, but it was certainly appreciated.If you're looking for a straightforward martini, this isn't it. But we'd recommend it to any cocktail enthusiast or someone looking to try something different.<h2 id="d656670c-ca16-42fc-96a5-4400c648a18f">Monkey Bar, New York City: $34</h2><div type="image" title="The Monkey Bar Martini at The Monkey Bar in New York City." height="2268" width="3024" msid="113365520" hostid="261" sizebytes="321522"></div>Two blocks east of the Museum of Metropolitan Art in <a target="_blank" class="" href="https://www.businessinsider.com/robert-de-niro-testifies-trial-uber-martini-nobu-2023-10">Manhattan</a> is Monkey Bar, a dimly lit restaurant where bright yellow walls are adorned with paintings of primates playing cards and frolicking zebras. The establishment is connected to Hotel Elysée, a French-style hotel built in the 1920s that was once frequented by actor Marlon Brando.The restaurant offers various options — including a $74 Añejo Negroni — but we tried the $34 Monkey Bar Martini. The menu's description listed only four ingredients: Ki No Bi gin, Dolin dry vermouth, Castelvetrano olives, and a lemon twist. The olives were served in a small bowl on the side while the bartender fastened the lemon twist on the martini glass.Some gin-based cocktails have earthy flavors, but a Monkey Bar employee told BI the signature drink leaned toward floral, fragrant notes instead. After one sip, we couldn't have agreed more.The Monkey Bar Martini's floral notes were reminiscent of a garden, making it a great summer drink for gin enthusiasts. However, the martini was too dry for our tastes and the floral notes became overwhelming halfway through the cocktail.Although we wouldn't purchase the drink again, we understand how gin lovers might justify the high price point. Ki No Bi gin is a top-shelf alcohol distilled in Kyoto, Japan, where the distillery was named International Gin Producer of the Year in 2018.People who like dry martinis and are willing to pay for high-quality gin will enjoy the Monkey Bar Martini, but a single glass and four olives for $34 is a bit steep for us.<h2 id="6ea04edd-7a1f-4fca-a44b-2f8a75d4baa2">ILIS, New York City: $50</h2><div type="image" title="The Ocean Martini at ILIS is New York City." height="3024" width="3405" msid="113365530" hostid="261" sizebytes="438956"></div>Next, we traveled to <a target="_blank" class="" href="https://www.businessinsider.com/millennials-housing-market-prices-locked-out-renovating-rental-apartments-2024-4">Brooklyn's Greenpoint neighborhood</a> to visit ILIS, a spacious restaurant with an open firewood kitchen at the center and contemporary artwork on the walls.Since opening in October 2023, the restaurant has quickly developed a reputation in the city for its elaborate cocktails and sustainable ingredients. Earlier this year, the restaurant's Citrus Martini garnered shout-outs in major publications like Food &amp; Wine and Grub Street.We initially planned to try the viral $45 Citrus Martini but soon realized the drink was out of season and no longer on the menu. Instead, we tried ILIS's $50 Ocean Martini. The menu listed five ingredients: Ki No Bi K Edition Gin, Iichiko Frasco Shochu, Acid Sugar Kelp, Sea Bean Brine, and beachcomber produce."The Ocean Martini is somewhere between a Gibson and a dirty martini," Bobby Murphy, ILIS's Bar Director, told Business Insider.Murphy acknowledged that some people might balk at the $50 price point, but that's before they realize all the perks that come with the drink. We wholeheartedly agree.A <a target="_blank" class="" href="https://www.businessinsider.com/things-you-should-never-do-at-a-bar-bartender">bartender</a> served me a mammoth martini glass before pouring my cocktail tableside, which earned points in my book. The glass appeared big enough to hold at least two portions, which made me feel better about the expense.Unsurprisingly, the martini tasted like the ocean, but in the best way possible — each sip felt like soaking in the sun near the sea while a breeze flitted by. It was one of the most unique flavors we've ever encountered.The foraged ingredients accompanying the martini helped justify the price, even if we were hesitant to taste them initially. The bowl that was served on the side of the drink contained plant-based items like sea caviar, oyster leeks, cured kombu, and sea beans."One of our cooks came in, and he foraged around 10 pounds of sea beans," Murphy said. "It was like <a target="_blank" class="" href="https://www.businessinsider.com/purdue-pharma-bankruptcy-suit-judge-sackler-family-wealth-2021-5">Scrooge McDuck</a> diving into his gold and coins. I was like, 'I can't believe we have all these.'"Murphy said he was a bit nervous about releasing the Ocean Martini after the success of the Citrus martini, but he's received good feedback from customers so far. He said the restaurant has about 40 portions left after selling around 100 glasses of that cocktail."At the bare minimum, I hope you enjoy it and feel the value in it," he said. "Like, 'that was very interesting and I'm not unhappy about purchasing that.'"Ordering the Ocean Martini is an experience that invites guests to expand their pallets. Given the pour size and the snack, we'd say the price for the Ocean Martini is worth it.

We tried $40 martinis in LA, NY, and SF. They're the epitome of loud luxury, but not all lived up to the price tag.

Nashik, <keyword id="519104" type="General" weightage="20" keywordseo="onion-traders" source="Orion">Onion traders</keyword> have said that they suspended auctions in all agriculture produce market committees in Nashik district of Maharashtra and their protest will continue indefinitely, a development raising the fear of shortage of the kitchen staple in retail markets and hike in prices. An office-bearer of the Nashik District <keyword id="50894" type="General" weightage="20" keywordseo="onion" source="Orion">Onion</keyword> Traders Association (NDOTA) said on Wednesday they were protesting against the Union government's recent move to increase <keyword id="139959" type="General" weightage="20" keywordseo="export-duty" source="Orion">export duty</keyword> on onions up to 40 per cent, which will remain in force till December 31. Taking serious cognisance, the District Sub-registrar, Co-operative Societies, on Wednesday night issued an order directing all APMCs to suspend or cancel the licences of the striking traders and submit the Action Taken Report on September 21. "In protest against the export duty hike decision, we have decided to shut the auction of onions in all APMCs in the district indefinitely. This (export duty hike) decision of the Centre will not only make export of onions difficult but it will also affect the onions in transit, causing huge loss to farmers," the office-bearer said. Earlier on Wednesday, Maharashtra marketing minister Abdul Sattar said that observing a bandh (shutting auctions of onions) was not right. "Secretaries in the departments of cooperation and marketing will discuss the action to be taken as per rules and Nashik district collector will take the necessary action," he said on the sidelines of an event. Notably, auctions of onions remained closed at most of the APMCs in Nashik district, including at Lasalgaon, the largest wholesale onion market in India, on August 20. "We had given time till September 19 to the government to find a solution to our demands. But as our demands are not agreed to yet, we have decided to shut the auction of onions indefinitely," the office-bearer said. The other demands raised by traders include the cancellation of export duty on onions, a 50 per cent reduction in market fees, participation by the National Agricultural Cooperative Marketing Federation of India (NAFED) and National Cooperative Consumers' Federation of India (NCCF) in auctions and a 50 per cent subsidy in transport of onions. Accordingly, onion auctions did not take place in all APMCs in Nashik district on Wednesday including in the Lasalgaon APMC. No onions arrived at APMCs, sources said. The government order mentions that Khandu Deore, president of Nashik District Onion Traders Association, had written a letter on September 13 to minister Sattar mentioning four demands and warning of not participating in onion auctions from September 19. Accordingly, the minister has organized a meeting of officials of the Marketing department on September 26. The minister also requested the traders to defer the agitation. Despite that the traders and brokers resorted to strike which has caused many problems for farmers in the sale of various agri produce, the order said. "Even in the meeting held by the government on Wednesday (Sep 20), the traders and brokers remained adamant on their stand. As a result, the order of immediate legal action has been issued," it said. Accordingly, as per the Maharashtra Agriculture Produce Marketing (Development and Regulation) Act, 1963, all the APMCs should make optional arrangements and take necessary measures to continue the sale and purchase deals of agri produce. APMCs have the right to suspend or cancel the licenses of such traders. As per the provision, the APMCs should immediately suspend or cancel the licenses of such traders. In addition, a necessary process should be implemented to issue licenses to new buyers who want to purchase goods at the APMCs, the order said. If an APMC fails to follow the order, action will be taken against the board of directors and the secretary, the order added.

Onion traders in Nashik district go on indefinite strike over export duty; govt orders strict action

<ul class="summary-list"><li>Americans are fighting back against rising food prices.</li><li>US consumers are spending more on food than they have in 30 years. </li></ul>Americans are increasingly relying on unorthodox cost-cutting measures to ensure they continue to eat amid ongoing inflation and <a target="_blank" href="https://www.businessinsider.com/high-food-prices-inflation-gas-costs-groceries-restaurants-americans-economy-2023-12">rising food prices.</a>Recently, US consumers are spending more money on food than they have in the past 30 years, <a target="_blank" href="https://www.wsj.com/economy/consumers/its-been-30-years-since-food-ate-up-this-much-of-your-income-2e3dd3ed?mod=djem10point">The Wall Street Journal</a> reported last week, citing data from the US Department of Agriculture. Americans spent 11.3% of their disposable income on food in 2022 — more than they have since 1991.Restaurant prices were up 5.1% in January 2024 compared to the same month last year, and grocery costs jumped 1.2% in the same time period, The Journal reported, citing Labor Department data. Even as the <a target="_blank" href="https://www.businessinsider.com/inflation-cpi-consumer-price-index-january-housing-food-energy-prices-2024-2">inflation that rocked the economy</a> last year begins to settle, food prices are continuing to climb, <a target="_blank" href="https://www.businessinsider.com/why-youre-still-spending-much-of-your-budget-on-food-2024-2">Business Insider </a>previously reported, with common ingredients such as beef and sugar reaching sky-high prices on the grocery shelf.Dining-out options are also on the spendy side as <a target="_blank" href="https://www.businessinsider.com/why-restaurant-prices-arent-dropping-lower-inflation-labor-costs-mcdonalds-2024-1">restaurants raise prices</a> and cut portion sizes to stay in business.Meanwhile, WK Kellogg CEO Gary Pilnick and PepsiCo CEO Ramon Laguarta are <a target="_blank" href="https://fortune.com/2024/02/27/kellogg-pepsico-gen-z-cereal-doritos-dinner-sales/">urging middle-class Americans</a> to eat cereal for dinner and use Doritos as side dishes to combat price hikes.Elevated food costs are likely here for the long haul.But as exorbitant food costs become the new normal, consumers are fighting back and coming up with their own ways to keep food on the table.The Journal collected hundreds of reader responses and compiled several cost-saving tips into a <a target="_blank" href="https://www.wsj.com/economy/consumers/food-is-taking-a-bite-out-of-your-income-these-consumers-are-getting-creative-e51a3d46">Tuesday story</a> about how Americans are responding to rising prices.Many said they had taken a <a target="_blank" href="https://www.businessinsider.com/fast-food-isnt-cheap-anymore-2023-11">strict no-eating-out policy,</a> while others are relying on couponing during their weekly grocery trips. Buying in bulk can keep prices low, as well as purchasing non-spoilable food, people told the outlet.A Las Vegas woman said she and her husband have scaled back their creative cooking ideas in response to inflation. The couple has gone from regularly making ingredient-heavy meals like chicken cacciatore to relying on staples like tuna noodle casserole, she told The Journal."It's just egg noodles, canned tuna, canned cream of mushroom soup, onions and garlic," Sarah Smith told the newspaper. "It's not healthy, but it's food."Bernard Brothman, a retired HR executive, told The Journal that he has upped his crop production in his community garden to supplement grocery store produce.He spends about $200 on fertilizer and seeds for the food he grows but ultimately ends up saving hundreds of dollars on groceries when his kale, carrots, squash, and tomatoes are in season, Brothman said.Other people are going back to basics, relying on the hunter-gatherer instincts of our ancestors.Nancy Randall and her Houston family of six save money by harvesting their own food. They eat the deer they hunt and the fish they catch, typically bringing home eight deer a year, which they freeze and process into venison and tamales, Randall told The Journal.The family can typically sustain themselves on the meat for the year and don't have to shell out for protein at the grocery store.Other respondents said they combat rising prices by maximizing senior discounts and making a spreadsheet of their groceries and meals.Earlier this month, <a target="_blank" href="https://www.buzzfeed.com/meganeliscomb/frugal-grocery-shopping-tips-2024">BuzzFeed</a> collected and published several Reddit responses and cost-saving hacks from frugal foodies. People suggested eliminating non-water beverages entirely, purchasing only store-brand or generic items, cutting out premade meals, creating a weekly menu, forgoing items like paper towels and ziplocks, using grocery store apps and online shopping to stay within budget, and only buying items on sale.

Americans are turning to gardening, hunting, and extreme couponing to combat rising food prices 

<keyword id="19895282" type="General" weightage="20" keywordseo="mumbai" source="keywords">Mumbai</keyword>, The cost of a representative home-cooked vegetarian thali has witnessed a 5 per cent on-year increase in January, while that of the non-veg thali declined 13 per cent, a report said on Wednesday. According to <keyword id="20489875" type="General" weightage="20" keywordseo="crisil-market-intelligence-and-analytics" source="keywords">Crisil Market Intelligence and Analytics</keyword> (MI&amp;A) Research '<keyword id="20489770" type="General" weightage="20" keywordseo="rice-roti-rate" source="keywords">Rice Roti Rate</keyword>' estimates, the rise in prices of ingredients like pulses, rice, onion and tomato made home-cooked veg thali costlier in January, while decline in poultry rates helped in the fall in non-veg thali rates. The cost of the veg thali increased due to a surge of 35 per cent and 20 per cent year-on-year in prices of onion and tomato, respectively, said the report. Prices of rice (accounting for 12 per cent of the <keyword id="18314113" type="General" weightage="20" keywordseo="veg-thali-cost" source="Orion">veg thali cost</keyword>) and pulses (9 per cent) also increased by 14 per cent and 21 per cent y-o-y, respectively, it added. Meanwhile, the decline in the cost of the non-veg thali was due to a 26 per cent fall in broiler prices in January, compared to the same month last year, amid higher production, the report stated. However, sequentially, the cost of the veg and non-veg thalis fell 6 per cent and 8 per cent, respectively. The ease in cost was due to a decrease of 26 per cent and 16 per cent month-on-month prices of onion and tomato, respectively, with higher domestic supply of onion amid export curbs and fresh tomato arrivals from the northern and eastern states, the report said. The cost of the non-veg thali declined faster due to an 8-10 per cent month-on-month dip in prices of broilers, which account for 50 per cent of the cost, it added.

Rising tomato & pulse prices push up veg thali cost in January, but non-veg thali costs come down

New Delhi, <keyword id="19955404" type="General" weightage="20" keywordseo="finance" source="keywords">Finance</keyword> Minister Nirmala <keyword id="19916494" type="General" weightage="20" keywordseo="sitharaman" source="keywords">Sitharaman</keyword> on Tuesday said the inflation has come down within the tolerance band as a result of the steps taken by the government to check price rise, especially in perishable commodities. Replying to a question in the <keyword id="19895369" type="General" weightage="20" keywordseo="rajya-sabha" source="keywords">Rajya Sabha</keyword>, Sitharaman said Bhabha Atomic Research Centre (BARC) is working with the government on de-humidification of onions through Gamma Rays to give it a longer shelf life. "The government is seized of the difficulties, which arise due to shortage of perishable goods, which are not grown in <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>. The committee sits and reviews periodically, and the efforts have shown on the ground that inflation is now within the tolerable band," she said. India's retail inflation has declined from an average of 6.8 per cent in April-December 2022 to 5.5 per cent in the corresponding period of 2023. The retail inflation is now stable and within the notified tolerance band of 2 per cent to 6 per cent. The minister said that in order to check the volatility in prices of onion, the government has progressively increased its buffer size from 1 lakh metric tonnes (LMT) in 2020-21 to 7 LMT in 2023-24. As of February 3, 2024, a total of 6.32 LMT of onion was procured, and 3.96 LMT of Grade-A onion was released through retail sales, e-Nam auction and bulk sales. "Currently, steps are being taken so that the preservation of very highly perishable commodities, like onion, can be improved," she said, adding lots of steps have been taken by the government, particularly for meeting the shortage in supply of perishable goods. Sitharaman said India has imported 8.79 lakh metric tonnes of <keyword id="20059821" type="General" weightage="20" keywordseo="tur-dal" source="keywords">Tur Dal</keyword> and 15.14 lakh metric tonnes of Masoor Dal in calendar year 2023. Similarly, the country imported other dals and released them in the market. India has also brought the branded 'Bharat Dal' through which Chana Dal is made available at Rs 60/kg for one kg pack and Rs 55/kg for 30 kg packs. 2.97 lakh metric tonnes of Chana have been sold already as of January 30, 2024. 'Bharat Dal', which is coming at a concessional price, is available in all retail markets. "Since we don't grow enough pulses in the country and due to a shortfall in supply, prices of pulses normally keep fluctuating, for which, by analysing the crop estimates, we start tying up for imports," Sitharaman added. Retail inflation, based on the Consumer Price Index (CPI), in December 2023, stood at 5.69 per cent.

Inflation within tolerance band; govt taking steps to check price rise: Sitharaman

Amid massive surge in the prices of various vegetables and fruits in <keyword id="6580" type="General" weightage="80" keywordseo="lahore" source="Orion">Lahore</keyword> and other parts of <keyword id="6354953" type="General" weightage="80" keywordseo="punjab" source="Orion">Punjab</keyword> province due to devastating floods, the Pakistan government may import tomato and onion from <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>, according to the market dealers here. "On Sunday, per kilogram of tomato and onion were available in Lahore's markets at around Rs500 and Rs400 respectively. However, in Sunday markets both commodities were available at Rs 100 per kg less than that of those available in regular markets," Jawaad Rizvi, a wholesale dealer of Lahore market, told PTI. He said that in the coming days the prices of commodities will increase further as the supply of vegetables from <keyword id="45793" type="General" weightage="80" keywordseo="balochistan" source="Orion">Balochistan</keyword>, <keyword id="12961" type="General" weightage="80" keywordseo="sindh" source="Orion">Sindh</keyword> and south Punjab has badly been affected because of floods. "In the coming days, onion and tomato per kg prices may cross Rs700. Similarly, potato price has increased from Rs40 per kg to Rs120kg," Rizvi said. In the markets, the short supply of vegetables is because of destruction of the crops on thousands of acres by the floods in Balochistan and Sindh. It is learnt the federal government is considering the option to import onion and tomato from India through Wagah border. Currently, Lahore and other cities of Punjab are getting the supply of tomato and onion from Afghanistan via the Torkham border. "One hundred containers of tomato and around 30 of onion are being received at Torkham border daily, out of which two containers of tomato and one of onion is being brought to Lahore city on a daily basis and the number of containers is absolutely too short to meet the demand in the provincial capital of Punjab, according to <keyword id="14835633" type="General" weightage="50" keywordseo="lahore-market-committee" source="Orion">Lahore Market Committee</keyword> Secretary Shehzad Cheema. He said vegetables like capsicum or bell pepper are also short in the market due to the floods. Cheema said the government would eventually import onion and tomato from India. He said import of vegetables from Iran via Taftan border (Balochistan) was not viable as the Iranian government had increased taxes on its imports and exports. He said the prices of date palm and banana would also go up in the coming days as most of the orchards in Sindh had been destroyed by the floods. Apple supply from Balochistan or other areas had also been stopped due to flooding. According to officials, floods have claimed over 1,030 lives so far, with 74 deaths reported in Sindh, 31 in Khyber Pakhtaunkhawa, six in Gilgit-Baltistan (G-B), four in Balochistan and one in Punjab. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/financial-bids-for-reliance-capital-to-be-submitted-on-monday/articleshow/93845467.cms">Financial Bids for Reliance Capital to be submitted on Monday</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/heres-everything-you-need-to-know-about-uks-new-scale-up-visa/articleshow/93799259.cms">Here’s everything you need to know about UK’s new Scale-up visa</a>

Pak may import tomato and onion from India amid huge surge in vegetable prices due to floods

<ul><li>Food inflation was the major driver of June CPI which hit a three-month high.</li><li>Tomato price inflation was at 64%, onions at 8.1%, and potato at 10.5% on a sequential basis.</li><li>Retail prices of pulses reported double-digit growth for the third consecutive month.</li><li>On a sequential basis, wheat and rice inflation also picked pace in June. </li></ul>India’s <keyword id="513422" type="General" weightage="20" keywordseo="retail-inflation" source="Orion">retail inflation</keyword> is at a three-month high in June at 4.8%, but it may not have reached its peak yet. Many climate related factors have been playing havoc with food inflation, and with most of North India under floods and this will only add to the pinch on the pocket, economists have warned. “Nine states had inflation above the average while six had above 5% — UP, Uttarakhand, Rajasthan, Kerala, Bihar and Haryana. The recent floods and landslides in the North will tend to push up inflation further in these states on the food side — especially vegetables and fruits which can add another 0.2% to headline inflation,” said Madan Sabnavis, chief economist at Bank of Baroda. Food inflation is a heavyweight in consumer price inflation (CPI), and drove it up in June, even as core inflation cooled as compared to the last month. “Food inflation was the major driver for higher headline inflation print; up by 218 basis points month-on-month versus 67 basis points in the last month due to a 12% hike in vegetables prices,” said a report by Phillip Capital. Price shock: Grains join tomatoes Vegetable prices however are on top of everyone’s minds, and it could get worse as prices of tomatoes refuse to inch down. In June, its prices went up by 64%. But other key vegetables like onion were high too at 8.1%, and potato at 10.5% – on a sequential basis. A report by SBI Ecowrap says that the past 10 years data shows that tomato price increase alone did not influence the overall CPI inflation much — except when it is accompanied by substantial increase in price of potato and onion. “We believe if tomato price increase without any substantial change in potato and onion then average inflation in Q2 FY24 will come near 5.8% yoy but if the TOP (tomato, onion, potato) inflation increases, then CPI might come around 6% yoy in Q2 FY24. Accordingly, average CPI for FY24 will vary between 5.2-5.4%,” says SBI Ecowrap. Grains are not too far behind either. Cereal and pulses inflation remained elevated in June at 12.7% y-o-y and 10.5% y-o-y, respectively. Retail prices of pulses, especially that of tur dal, have risen 24% y-o-y in June, reporting double-digit growth for the third consecutive month. Moreover, the<a href="https://www.businessinsider.in/india/news/india-sows-more-millets-and-less-rice-this-kharif-season/articleshow/101642365.cms"> sowing in rice and pulses is lower this Kharif season</a> due to delayed monsoons, and that doesn’t bode well for their prices which too are seeing upward pressure. “On a sequential basis, wheat and rice inflation also picked pace in June. Looking ahead, the sale of wheat and rice from the government’s buffer stock via Open Market Sale Scheme (OMSS) auctions could help cool retail prices of rice, wheat and atta. However, with regards to rice prices, deficient monsoons in West Bengal, a key rice-producing state, could impact sowing, putting upward pressure on prices,” said a report by CareEdge. Milk inflation moderated in June to 8.6% as compared to 8.9%. But it continues to remain sticky above 8%, reeling from the impact of a continued demand-supply mismatch and high fodder costs. “Milk prices could remain higher in the coming months, if unabating cereal inflation keeps cattle feed expensive,” CareEdge says. WPI is comforting, say experts RBI insisted in the last two monetary policy committee meeting updates that its decision to hold key interest rates is a pause not a pivot. Most experts had been hoping that it would go for rate cuts in the second half of the year, but the inflation picture is <a href="https://www.businessinsider.in/finance/news/with-inflation-cooling-rbi-may-slash-interest-rates-by-50-bps-this-financial-year/articleshow/100531780.cms">putting cold water on their hopes</a>. “While food prices will create inflationary pressures in the upcoming months due to uneven distribution of monsoon and lower kharif sowing, RBI stance would not be solely contingent on seasonal food inflation,” said Phillip Capital. Even at 4.8%, inflation is within the tolerance band of RBI, which is 4-6%. “The RBI will keep a keen eye here and it is almost given that nothing will change in the policy next month. More caution will be expressed on the inflation front,” said Sabnavis. CareEdge however says that wholesale price inflation (WPI) has been contracting and that is offering some comfort. India’s WPI has been in a deflationary zone for the second month in a row in May, as prices contracted by 3.48%. “Deflation in WPI will have a lagged impact on CPI inflation going forward. Having said that, RBI would remain cautious and adopt a wait and watch mode. We reaffirm our view that RBI would maintain an extended pause in 2023,” said CareEdge.

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