India Inflation Update: On Wednesday, June 14, 2023, the wholesale price based inflation rate for the month of May has come, which has reached the lowest level after 2015 -3.48 percent. Similarly, on Monday, June 12, the retail inflation rate for the month of May was declared. According to these figures, the retail inflation has come down to a 25-month low of 4.25 per cent. Food inflation has also come down to 2.91 percent. But the question arises whether the common people are really getting relief from inflation? Have essential food items really become cheaper in the market?
Focus on dealing with inflation of wheat and rice
The day the retail inflation figures were announced, the government fixed the stock holding limit in view of rising prices of wheat. So along with this, the government announced to sell wheat as well as rice in the open market under OMSS from its buffer stock so that the rising prices in the market could be controlled.
Increase in the prices of wheat and rice
The Price Monitoring Division of the Department of Consumer Affairs, which monitors the retail prices of essential commodities, if we look at its data, there has been an increase in the prices of wheat to rice in the last one and a half months. The average price of wheat on May 1, 2023 was Rs 28.74 per kg, which has increased by 27 paise per kg to Rs 29.1 per kg on June 13. The average price of rice on May 1, 2023 was Rs 38.48 per kg, which has increased by Rs 1.21 to Rs 39.69 per kg on June 13. On May 1, flour was available at Rs 34.23 per kg, which increased by 15 paise to Rs 34.38 per kg on June 13.
Increased prices of Arhar, Urad Dal
The inflation of pulses is also troubling the common people. On May 1, 2023, according to government data, Arhar dal was available in the retail market at Rs 116.68 per kg, which is available at Rs 126.23 per kg on June 13, an increase of Rs 9.55. Urad dal was available at Rs 108.23 on May 1, which was available at Rs 111.08 per kg on June 13. Moong was available at Rs 107.29 on May 1, which is available at Rs 109.17 per kg. Sugar has also become costlier during this period.
no relief from inflation
After seeing the rising prices of these essential food items, it is bound to arise in the mind that whether the figures of inflation rate are really telling the reality of decreasing inflation or these figures are far from the reality?
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WPI Inflation: Wholesale inflation rate reached 3-year low, came down to -3.48 percent in May
