India’s food inflation slowed to a 13-month low as the country received more rainfall than forecast by the weather office, aiding sowing of lentils and rice.
The Reserve Bank of India (RBI) has taken adequate measures to manage inflation and expects food inflation to ease on good monsoon, a deputy governor at RBI said on Friday.
India’s food inflation rate slipped slightly in the week to July 24 as vegetable and fruit prices eased, cooling expectations of aggressive monetary tightening by the central bank.
India can play a significant role in global organic food trade, Agriculture Minister Sharad Pawar said here Wednesday.
Fuel inflation accelerated sharply, negating a moderation in food prices and keeping pressure on the RBI to raise rates further when it reviews the monetary policy on July 27.
On a day all the Opposition parties called a nationwide strike against fuel price rise, the government today said food inflation, which was on a decline, would be in an “acceptable” range of 5-6 per cent in due course.
Finance Minister Pranab Mukherjee said on Monday in Patna that the galloping of food prices might continue till the middle of next month, but would be under control after the onset of a good monsoon, say reports.
The Asian giants, China and India are exploring newer avenues for cooperation, including food management.
In India, food safety and standards are neglected topic despite being directly related to public health.
Food prices in India continued to rise in the week ended May 29, adding weight to expectations that the central bank will soon take action to ease inflationary pressure.
