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Tuesday, January 31, 2023

Essential grocery prices increase 22% this year so far

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Common people have not found respite related to increasing prices despite the steps taken by the government and the Reserve Bank. According to retail analytics platform Bizom, this year, from January till now, the prices of the essential grocery commodities used daily, have increased from 10 to 22%. These include commodities like edible oil, hair oils, condiments and rice. On the other hand, prices of non-edible commodities like detergents have increased 1-3% only.

Albeit the prices of edible oils have decreased ever since the increase of 35% in the first trimester of this year, they are still 50-22% costlier in comparison to the prices of January. In the meanwhile, the price of condiments has increased 3-17% as well, this has happened when India is one of the largest exporters of condiments in the world. Along with this, the prices of branded essential grocery like rice, wheat flour, and refined flour have increased more than 10% this year.

Bizom’s report states that the effect of price-rise can be seen on the sales of grocery items, their sale has decreased especially in rural areas, due to which, the growth of the market has slowed down. On the other hand, as per Saugat Gupta, MD, Marico, the prices of essential commodities will decrease during October-December. According to brokerage firm Nirmal Bang, the inflation rate of daily-use commodities in August was 12.6%.

 

Sonakshi Datta
Sonakshi Datta
Journalist who wants to cover the truth which others look the other way from.

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