A huge sigh of relief for the citizens of India as the Finance Ministry has announced that the food prices may come down in June, after the rains as IMD has predicted above-normal monsoon. Here’s what the Finance Ministry has to say…
New Delhi: Every day in the life of a common man is a struggle, especially after inflation and rise in prices – be it petrol-diesel, food items or any other thing. If you are worried about the rise in prices of food items including pulses, there is relieving news for you. The food prices are expected to come down by June as an above-normal monsoon has been predicted by the Indian Meteorological Department (IMD). The Finance Ministry, keeping this in mind, has issued a statement regarding the same in the Monthly Economic Review of March 2024. Here’s all you need to know…
Food Prices Expected To Come Down By June: Finance Ministry
As mentioned earlier, the government expects food prices to come down after rains, as the India Metrological Department (IMD) has predicted above-normal monsoon, the finance ministry said in its recent monthly economic review. The report further said that above normal rainfall will lead to higher production of crops.
March 2024 Monthly Economic Review Of Finance Ministry Says…
“Further easing of food prices is on the anvil as IMD has predicted above-normal rainfall during the monsoon season, which is likely to lead to higher production, assuming good spatial and temporal distribution of the rainfall,” the March 2024, monthly economic review of the finance ministry said. In India, food inflation has declined from 8.7 per cent in February to 8.5 per cent in March. Higher food inflation is mainly because of the high prices of vegetables and pulses. The government has taken measures to check prices it including imposition of stock limits to prevent hoardings, strengthening buffers of key food items, and periodic open market releases.
Govt Negotiating With New International Markets
The government is negotiating with new markets like Brazil and Argentina for long-term contract of pulses imports, government sources told ANI earlier. Over 20,000 tonnes of urad will be imported from Brazil and negotiations are almost at the final stage to import arhar from Argentina. The government has also contracted with Mozambique, Tanzania and Myanmar to import pulses. With regard to vegetables, CRISIL recent report suggests that, Vegetable prices will ease post June. The report says “The IMD has predicted an above-normal southwest monsoon in 2024. This augurs well for vegetable prices, but the distribution of monsoon is also crucial. IMD expects above normal temperatures till June, which could keep vegetable prices elevated for the next few months.”
(Inputs from ANI)