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A lemon is also a luxury, a bunch of green vegetables that no one dares to buy

The world is currently facing an alarming inflation as food and energy prices simultaneously increase in Asian countries. This is in stark contrast to the situation a few months ago when experts said the region could be spared the price fever that has engulfed the US and Europe.

India, the world’s second most populous country, is also going through a tough time as inflation impacts food and energy prices. Government data showed retail sales there rose 6.95% in March, signaling future food market price escalation. Inflation measured by the consumer price index (CPI) showed 6.07% in February and many experts predict this number has increased to 6.35% in March.

The inflation crisis has visited the world's second most populous country: A lemon is also a luxury goods, a bunch of green vegetables that no one dares to buy - Photo 1.

Prices of lemons and vegetables simultaneously escalated.

Specifically, the price of vegetables increased by more than 11.64%, the price of meat and fish increased by 9.63% compared to February. Many places also reported an excessive increase in the price of lemons. Particularly in the Indian capital, the price of lemons is from 300-350 Rs/kg (90,000 – 100,000 VND/kg) and the wholesale price in Gujarat is around 300 Rs/kg (90,000 VND/kg).

Lemon prices also surged in Hyderabad as lemon-producing regions mainly located in Gujarat, Maharashtra and Andhra Pradesh recorded a record heat wave that ruined last summer’s crop.

Dnyaneshwar Uttam Sante, who owns a vegetable stand on the outskirts of Mumbai, is also dismayed to see the bag of vegetables he has just sold to customers for 450 rupees (about 135,000 VND), an 80% increase from just a few weeks ago.

I’m also helpless“, said Sante when a customer was talking about the “incredible” cost of a cooking gas tank which had recently increased by almost 30% to 960 rupees (about 287,000 VND).

Not only the food and beverage categories, but the fuel and lighting segments both increased by 7.52%; clothing and footwear by 9.40%; housing segment increased by 3.38% and even pots and pans, tobacco and alcoholic beverages also increased by 2.98%.

The inflation crisis has visited the world's second most populous country: A lemon has become a luxury, a bunch of green vegetables that no one dares to buy - Photo 2.

Clothing and footwear prices in India also skyrocketed.

The impact of the spike in global energy and crude oil prices amid the Russia-Ukraine war is not expected to peak until April as deliveries at source fuel pumps are delayed.

Food prices are also expected to continue to soar as supply chain problems related to the Russia-Ukraine war disrupt the global production of nuts, cooking oil and fertilizer exports. In particular, the price of palm oil, the most widely used vegetable oil in the world, has increased by nearly 50% this year. High prices are having a dramatic impact on millions of low-income people, especially those who are being hit hard by the pandemic.

Unlike how some other major central banks around the world are facing this crisis, the Reserve Bank of India (RBI) decided to keep interest rates steady even if inflation is out of reach and shows no signs of abating in the near future.

RBI Governor, Shaktikanta Das, in his speech said that, with the excessive volatility of global crude oil prices since the end of February and the uncertainty about geopolitical tensions growing, any Any forecast on growth and inflation has potential risks, especially in the future of petroleum and commodity prices.

Source: News18

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