Rising
prices of essential food items like vegetables, fruits and cereals, pushed up
inflation to five-month high of 6.01 per cent in May and the likelihood of
sub-normal monsoon and political tension in Iraq may further worsen the price
situation. The rise in inflation has been mainly on account of 31.44 per cent
increase in prices of potato, 19.40 per cent in fruits and 12.75 per cent in
rice, according to the official data on Wholesale Price Index (WPI) based
inflation. The food inflation stood at 9.50 per cent last month, while the
manufactured inflation was 3.55 per cent. Indicating that hard times are ahead,
Barclays (India) Chief Economist Siddhartha Sanyal said: "The risks from a
poor monsoon and uncertainties around global oil prices due to geopolitical
tensions in Iraq remain". Such high level of inflation was witnessed last
in December when it was 6.4 per cent. The WPI inflation was 5.20 per cent in
April and 4.58 per cent a year ago in May. The March inflation figures have
been revised upwards to 6 per cent from 5.70 per cent. Expressing concern over
spurt in food inflation, industry chamber CII said the government should
implement APMC Act, develop advanced supply chains, rationalise subsidies,
augment investment in agri-infrastructure and encourage FDI in retail. Prime
Minister Narendra Modi in his first address in the Lok Sabha last week had
said: "We have promised to control inflation. We are determined achieve
this target". The government is preparing contingency plans to deal with
the impact of below-normal monsoon on food prices. The IMD has cut its
June-September monsoon forecast to 93 per cent. Meanwhile on the global front,
worsening political situation in Iraq is pushing up the crude oil prices which
will have a bearing on inflation.
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