VEGETABLE PRICE INCREASE
Retail prices of staple veggies drop 25%, but still higher than last year
"Tomatoes, potatoes and onions are the most consumed vegetables in India. The prices of these three have remained high for quite some time now. Vegetable inflation will gradually come down in the fourth quarter. We are estimating the overall inflation to fall under 4.5% in March," said Dharmakirti Joshi, chief economist, CRISIL.
India's per capita availability of fruits and vegetables increases by 7 kg and 12 kg over last decade: Report
India's fruit and vegetable availability has increased, exceeding recommended levels, yet 30-35% is lost due to supply chain inefficiencies. Extreme weather impacts production, while easing retail inflation is attributed to falling vegetable prices, though food prices remain a key inflation driver. Inflation across states is converging towards 4%, influenced by labor migration.
India inflation likely fell in November on moderating vegetable prices: Reuters poll
A Reuters poll predicts India's retail inflation eased to 5.53% in November, down from a 14-month high in October, due to moderating vegetable prices. The Reserve Bank of India held interest rates steady last week despite slowing economic growth. While food prices remain a concern, core inflation is expected to hold steady, offering some relief to consumers.
India's CPI inflation likely to ease to 5.5% in Nov from 6.2% in Oct: Morgan Stanley
India's Consumer Price Index (CPI) inflation is expected to decrease to 5.5% year-on-year in November, down from 6.2% in October, according to Morgan Stanley. This decline is primarily driven by falling food prices and a slowdown in core CPI, which excludes food and fuel. A report by Union Bank of India also predicts a decline in CPI inflation to 5.4%, citing a drop in vege
World food prices reach 19-month high in November, UN says
Global food prices saw their largest increase in 19 months this November, driven by a surge in vegetable oil prices due to lower palm oil output. Other food indices, including cereals and sugar, declined. The FAO slightly lowered its global cereal production forecast for 2024, but still anticipates comfortable supply levels.
Home-cooked veg thali cost up 7.2% in Nov, non-veg 2%: Crisil
Home-cooked meals saw a price rise in November year-over-year, with vegetarian thalis increasing 7% to Rs 32.7 due to soaring tomato and potato prices. Pulses and vegetable oil also contributed to the increase. However, a dip in LPG prices offered some relief. Non-vegetarian thalis saw a marginal 2% rise, influenced by broiler chicken prices.
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Festivals lift India's edible oil imports to 4-month high in November, dealers say
In November, India's edible oil imports hit a four-month high as refiners bought more palm oil, soyoil, and sunflower oil to restock after robust demand during festival seasons. This increase in imports could help reduce inventories in producing countries. However, palm oil imports in December might decline due to the recent price rally making other oils more attractive.
Trump tariff: No more happy hours? From tequila to Corona, get ready to pay more for your favourite drink
Trump's tariff plans: Americans may need to pour one out as several popular alcohol brands as they prices are likely to go up under President-elect Donald Trump's proposed tariffs. Trump has announced his proposal to place a 25% tariff on products from Canada and Mexico. As a result, America's most beloved libation and No. 1 beer brand, Modelo, may be more expensive. Constellation imports all of its beer from Mexico, including Modelo and Corona.
IVPA calls for lifting suspension on oil seeds commodity derivatives
The Indian Vegetable Oil Producers Association advocates for the removal of the suspension on oil seeds commodity derivative contracts to improve price risk management and price discovery, citing studies from economic institutions that indicate futures trading benefits the entire agricultural value chain and aids in better crop planning.
Export demand, rainfall delay, damage keep onion prices firm
Onion prices are currently at a five-year high. Export demand and monsoon-delayed harvests are keeping prices firm. The Lasalgaon market sees onions trading between Rs 15/kg and Rs 53/kg. Exports are up 50%. Nafed is selling onions from its buffer stock at Rs 35/kg in some cities. Prices are expected to decrease by mid-December as arrivals increase and quality improves.
Kitchen essentials buck slowdown trend: Hopes of demand recovery rise as staples segment sees double-digit growth in Sept qtr
Despite an overall consumption slowdown, sales of essential household items like edible oil, spices, and toothpaste are experiencing double-digit growth. This trend, observed in the July-September quarter, suggests consumers are prioritizing necessities, offering hope for an economic rebound.
Staples, essentials show strong growth amid consumption slowdown, signalling potential recovery
Despite an economic slowdown, Indian consumers are prioritizing essential goods. Staples like edible oil and spices saw double-digit growth in the last quarter, indicating a potential demand recovery on the horizon.
Wholesale inflation quickens to 2.36% in October over rising food prices
India's wholesale price index rose to 2.36 percent in October. Food prices increased, pushing retail inflation to a 14-month high. The Reserve Bank of India held its benchmark interest rate steady. The central bank maintained its inflation forecast for the fiscal year at 4.5 percent. Food price volatility remains a concern for inflation and economic stability.
More tears likely in store for Indians as onion prices to stay high, ICICI Bank says
While November saw a slight dip in overall vegetable prices, onion prices remained stubbornly high, contributing to India's rising inflation. This price surge, attributed to heavy rains and supply chain disruptions, has significantly impacted essential items like tomatoes, potatoes, and onions, pushing retail inflation to a 14-month high.
India's October palm oil imports rise 60% m/m, trade body says
India imported more palm oil in October due to festive demand. Palm oil imports reached 845,682 metric tons, a 60% increase from September. Refiners increased purchases to stock up after recent lower imports. Soyoil imports decreased while sunflower oil imports increased. Overall, edible oil imports for the 2023-24 marketing year decreased slightly.
Government taking steps to check onion prices to Rs 35 a kg: Secretary Consumer Affairs
Concerned by a sharp rise in onion prices driving overall inflation, the Indian government is taking swift action. Consumer Affairs Secretary Nidhi Khare highlighted the government's efforts to stabilize retail prices, including the introduction of 'Kanda Express' trains to transport onions to high-demand areas. These measures aim to bring retail onion prices down to around Rs. 35 per kilogram.
If we exclude vegetable prices, CPI inflation remains in RBI's range: UBI research
India's retail inflation surged to a 14-month high of 6.21% in October, fueled by soaring food prices, particularly a 42.18% jump in vegetable costs. A Union Bank report attributes the spike to seasonal factors and expects a correction, but highlights concerns over rising edible oil and cereal prices.
Retail inflation at 6.2 per cent dims early rate cut hopes
India's retail inflation unexpectedly jumped to a 14-month high of 6.2% in October, driven by soaring vegetable, fruit, and edible oil prices. This surge breaches the central bank's target range and delays the possibility of interest rate cuts. Economists predict inflation will remain elevated for a few months before gradually easing towards the Reserve Bank of India's target rate.
Onion price hikes make wallets weep across India
Onion prices in India have skyrocketed to Rs 70-80 per kilogram, impacting household budgets and causing distress among consumers. Vendors attribute the price hike to inflation and sourcing costs, while consumers express concerns about the affordability of this essential ingredient. Despite the surge, onions remain a staple, compelling people to purchase them despite the inflated prices.
Here¡¯s how inflated prices of onions, tomatoes, potatoes and cooking oils are impacting the cost of a home-cooked meal
A Crisil report reveals vegetable thali costs surged 20% in October 2024, fueled by soaring vegetable and cooking oil prices, particularly during festivals.
November inflation figures may bear imprint of rise in onion prices
Onion prices in India have surged to a five-year high due to heavy rainfall damaging crops and delaying harvests. This price increase, along with rising costs for potatoes and cooking oil, is expected to impact inflation data for November.
India's vegetable oil imports seen lower in 2024-25, industry group says
India's vegetable oil imports are projected to decrease to 15 million metric tons in the 2024-25 season due to anticipated growth in domestic production fueled by favorable weather conditions. This follows an estimated 16 million tons of imports in the 2023-24 season, down from 16.5 million tons the previous year.
Diwali around the corner, edible oil prices soar, dulling household, restaurant budgets
Edible oil prices have sharply increased during the festive season. Palm oil rose 37% and mustard oil 29% in one month. This hike follows increased import duties and a rise in global prices. Consumers face higher costs as India, the second-largest consumer and biggest importer, adjusts to support domestic farmers and oilseed production.
FMCG sector facing sluggish demand, F&B growth declines to 1.5-2 pc: Nestle India CMD
The FMCG sector is experiencing sluggish demand, with F&B growth falling to 1.5-2 per cent from double digits previously, according to Nestle India CMD Suresh Narayanan. Factors include food inflation and price hikes in key ingredients. Stability in rural areas and potential good monsoon could improve future consumption. Nestle is focusing on premiumization and avoiding sharp price increases.
Inflation hurting restaurant margins in peak festive season
Dining-out chains in India are facing profitability challenges this festive season due to high prices of edible oils, vegetables, and wheat. Execs are reluctant to increase menu prices and are instead renegotiating supplier contracts and absorbing costs to support smaller vendors.
¡®Kanda Trains¡¯ to help ease onion prices before Diwali
The government plans to stabilize onion prices by releasing 91,960 tonnes from buffer stocks via rail to key consumption centers and e-commerce platforms, selling at Rs 35/kg. This intervention aims to address the spike in vegetable prices, with onion prices nearing Rs 100/kg in retail markets.
India's high food prices curtail spending in early festive season, say retailers
Edible oil and vegetable price hikes like onions and tomatoes are increasing grocery costs for Indian households before the festive season. This has led consumers to limit expensive purchases such as electronics. Despite a slow start, major retailers offer discounts and credit deals to boost sales.
India¡¯s retail inflation hits 9-month high of 5.49% in September, exceeds RBI¡¯s 4% target
India's retail inflation rose to 5.49% in September, driven by higher vegetable prices and a lower year-ago base, surpassing the Reserve Bank of India's (RBI) 4% medium-term target for the first time since July. This increase follows a five-year low of 3.65% in August.
Cost of veg thali increased 11% in Sept: Crisil
Home-cooked vegetarian thali prices surged by 11% year-on-year in September due to significant hikes in vegetable costs, particularly onions, potatoes, and tomatoes. In contrast, non-veg thali costs fell by 2% owing to a 13% decline in broiler prices, according to Crisil.
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