India’s Food Price Inflation To Slowdown By Fiscal End : Montek Singh Ahluwalia

(RTTNews) - India’s food prices are likely to drop by the end of the fiscal, reported the media, quoting Planning Commission Deputy Chairman, Montek Singh Ahluwalia. Addressing the India Economic Summit organized by CII and World Economic Forum on Sunday at New Delhi, Ahluwalia said prices of vegetables are likely to slow down by December-January.

Ahluwalia noted that the country’s overall inflation is below 2%, while the food prices have grown 13% due to the poor monsoon. However, he said that when food prices come down, the prices of other articles might rise up, adding that the annual inflation figure would be 5%-6%.

Ahluwalia noted that the food inflation was given a higher weight of 65% in the consumer price index used in India, compared to 30% internationally. Further, he expressed confidence on the stock of food in the country, adding that there is no need to worry on that.

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