Inflation Rate In India: Rs 140 Tomato And Rs 200 Arhar Dal Broke The Dream Of Cheap Loan, Will Not Get Relief From Expensive EMI!

India Inflation: When retail inflation figures for the month of May 2023 were released and the figure came down to 4.25 percent, everyone hoped that relief from costly EMIs could come soon. But after the sharp rise in the prices of tomatoes to arhar dal in the last few days, hopes of getting relief from expensive loans have also been dashed.

RBI MPC meeting in August

RBI’s Monetary Policy Committee meeting will be held from August 8-10. And on August 10, RBI will announce the results of the Governor Committee meeting. Prices of greens, vegetables and pulses have seen a rise, now there is little hope of any relief from costly loans in August. Instead, the RBI may maintain the repo rate at 6.50 percent.

In tomato prices 227 percent rise

From June onwards, food items are again on the rise. If you look at the figures of the Price Surveillance Department of the Ministry of Food and Consumer Affairs, the average price of arhar dal rose from Rs 122.08 per kg on June 1, 2023 to Rs 131.1 per kg on July 4. In just one month, the price has jumped by 7.40 percent. The average price of tomato, which was Rs 25.44 per kg on July 4, has increased to Rs 83.29 per kg. That means the average price of tomato has jumped by 227 percent in one month. However, arhar dal is available at Rs 200 and tomato at Rs 140 per kg in the retail market.

Rice-sugar, Onion and milk prices have also increased

The price hike is not limited to arhar dal and tomatoes. The average price of rice on June 1 was Rs 39.28 per kg, it increased to Rs 40.26 per kg on July 4. That means the price has risen by 2.50 percent. Sugar was available at Rs 42.53 per kg, now it is available at Rs 43.04 per kg. The average price of onion on June 1 was Rs 22.31 per kg, it has increased to Rs 25.33 per kg on July 4. Not only this, the prices of flour, urad dal and milk have also increased during this period. In such a scenario, it is clear that when the retail inflation figures for June come out, the food inflation rate will rise again which had fallen to 2.91 percent in May.

The fight against inflation is not over yet

According to the minutes of the monetary policy meeting released in June, the RBI governor said that inflation has been brought within the tolerance band, but the fight against inflation is not over yet. He also said at the time that it was not possible to provide any guidance on future decisions on interest rate cycles. And now that food prices are on the rise again, it is futile to expect cheap loans.