Crop loss due to unseasonal rains may increase food prices: Report

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- Along with grains, prices of vegetables, milk, pulses and edible oil, which account for more than a quarter of the overall consumer price index, are rising and are likely to remain high in the coming months.

New Delhi, 20 October 2022, Thursday

Farmers across the country are suffering crop damage due to unseasonal rains. For them, crop losses mean food prices, which are at their highest in two years, will hit millions of India's rural poor in particular, both from bad crops and higher prices. Along with grains, prices of vegetables, milk, pulses and edible oil, which account for more than a quarter of the overall consumer price index, are rising and are likely to remain high in the coming months.

Indian rice farmer Ibrahim Shaikh says he used to look at the sky every day and pray to stop the unseasonal rain. As his prayers went unanswered, he says he started harvesting the wet crop earlier this week. The crop was ready for harvest 10 days ago and twenty to thirty percent of the grain has been lost due to heavy rains. If I don't harvest now, I won't get anything," said Sheikh, as he dried the harvested paddy on a plastic sheet in Kadhe village, 110 km (70 miles) east of Mumbai.

Economists say annual headline inflation will start easing from September's 7.41% peak as the index jumped in the same month last year, but price pressure on grains, vegetables and milk will continue. Earlier this week, the Reserve Bank of India said headline inflation would moderate from September levels, though the fight against inflation would remain "tough and protracted".

A Reuters poll of economists from October 13-19 said growth was likely to slow in the July-September quarter, though it should come in at 6.9% for the full fiscal year. "High food inflation acts as a regressive tax on the poor," said Yuvika Singhal, economist at Quanteco Research. "In a post-pandemic world, it could perpetuate a K-shaped economic recovery and further widen income inequality."

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