Finance Ministry is confident – ​​Inflation of vegetables will come down from next month, this is the reason - Newztezz Online


Monday, August 21, 2023

Finance Ministry is confident – ​​Inflation of vegetables will come down from next month, this is the reason

The high prices of tomatoes and then onions have ruined the budget of the common man. Meanwhile, the Finance Ministry is confident that the prices of vegetables will come down from next month. What is the reason behind this...

For the last 2 months, the high prices of tomatoes have put 'fire' in the pocket of the common man. At the same time, to control the cost of onions, the government has started selling cheap onions. Meanwhile, the prices of everyday vegetables like lemon, ginger and green chillies also skyrocketed. Now the government is hopeful that the price of vegetables will start softening from next month.

A senior official of the Finance Ministry has expressed confidence that the prices of vegetables will moderate from next month. Although the government is also worried about the increase in the price of crude oil.

New crop will reduce the pest

Finance Ministry official said that next month new crops will start knocking in the market. That's why the government is confident of reducing the prices of vegetables from next month. At the same time, to control the prices of tomato and now onion, the government has taken several steps, the effect of which will be visible soon. The government had earlier started selling tomatoes through NAFED and NCCF. While the sale of onion has been started from Monday at the rate of Rs 25 per kg.

The government has taken several steps to keep inflation under control. It also includes release of buffer stock of wheat and rice. He said that the war between Ukraine and Russia has increased food inflation all over the world. India is no different from this. Still we are doing better than other countries.

He said that at present the rise in inflation is temporary. The main reason for this is the cost of vegetables. It is expected to get relief next month.

Retail inflation at 15-month high

Recently, the government released the retail inflation data. It had reached a 15-month high of 7.44 per cent in July. In the July figures, the highest inflation has increased in vegetables and spices. In the month of July, the inflation rate in vegetables was 37.34 percent, spices 21.63 percent and pulses and cereals category was above 13 percent. The official says that this year's 6% rain deficit is not likely to affect kharif sowing, as the agriculture sector is quite resilient. In such a situation, a softening in the price of food grains can be seen in the next month.

Crude oil will spoil the situation

However, the concern of the Finance Ministry is the rising prices of crude oil. Even though it is still below $ 90 per barrel. But due to the reduction in the production of OPEC+ countries, there is a concern that their prices will increase. That's why the government is not making any plan to cut excise duty right now. At the same time, the government has increased investment in infrastructure.

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