Prices of vegetables dropped by 50 percent!

January 05, 2012 12:18

Details on that story on food inflation hitting negative figures.

Prices of essential items like vegetables, onion, potato and wheat declined as food inflation turned negative for the first time in recent memory," Finance Minister Pranab Mukherjee said today. This is the first time in almost six years, for which data with base year 2004-05 is available, that food inflation has shown a decline on an annual basis.

Overall, vegetables became 50.22 per cent cheaper during the week ended December 24. The fall in the rate of price rise of food items has been
substantial since the first week of November, when it stood at double-digit.

Experts feel that the decline in food inflation will be a major incentive for the Reserve Bank to look at the option of key interest rate cuts at its next quarterly monetary policy review later this month

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