Inflation hits aam admi,food prices skyrocket
Srinagar, Feb 13: With government failing to tame the inflation, food prices are touching new highs everyday.
The consumers are feeling the pinch of the inflation, while people belonging to the middle income group say that it is very difficult for them to manage the family expenses with limited income and staggering prices of essential commodities.
“It has become difficult for me to keep pace with the rising food price that has skyrocketed during past few years. Besides study expenses of my children and other miscellaneous costs are putting extra burden on my pocket,” said Irshad Ahmad, a Srinagar resident.
To mention, Consumer Price Index-based inflation reached a record of 10.79 per cent in January since the new index’s inception a year earlier. It stood at 10.56 per cent in the previous month.
According to experts the price spiral was mainly driven by higher prices of food items, particularly vegetables. The rates went up in both rural and urban parts. For urban areas, it went up from 10.42 per cent in December to 10.73 per cent in January; in rural areas, from 10.74 to 10.88 per cent. Combined inflation was 9.9 per cent in November and 9.75 per cent in October 2012.
New LPG policy has further stoked the inflation in the country. According to the policy a LPG consumers are entitled to only nine subsidized cylinders a year, after that they will have to purchase non-subsidized cylinders at market price.
Experts fear the steady increase in prices of cereals, vegetables and other basic food items may compel aam aadmi to cut back on protein and nutritious diets.
They blame sharp increase in oil prices for inflation. Interestingly, India imports 80 percent of its crude. Falling rupee against dollar has made the oil imports even costlier.
"Decision of centre government to deregulate the diesel prices was totally uncalled for as it has affected the common people. The decision of the centre government has hit them the most,” complained local residents.
A sharp decline in the value of the rupee vis-à-vis the dollar has increased the cost of imported goods such as crude and edible oil, gold and machinery, adding to the price spiral.
Inflation has firmed up at a demand for Indian goods in the crisis-ridden Western markets.
Pertinently, Prime Minister's Economic Advisory Council chairman C Rangarajan recently said: 'The inflation numbers are a very uncomfortable statistics. Many people have been calling for an easing in the monetary policy, but the recent rise in inflation makes it difficult for the RBI to moderate the policy.”
Lastupdate on : Wed, 13 Feb 2013 21:30:00 Makkah time
Lastupdate on : Wed, 13 Feb 2013 18:30:00 GMT
Lastupdate on : Thu, 14 Feb 2013 00:00:00 IST
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