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24 May, 2018 21:39 IST
Food prices require monitoring due to evolving weather conditions: FICCI
Source: IRIS | 18 Apr, 2017, 08.46AM
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Wholesale price inflation (WPI) in India stood at 5.70% in March 2017. WPI inflation was at 6.55% in the previous month and negative 0.45% during the corresponding month of the previous year.

Commenting on the WPI based inflation numbers announced Pankaj Patel, President, FICCI said, ''Commodity prices-crude as well as metal prices-had been edging up putting pressure on wholesale prices over the past few months. However, the WPI based inflation announced shows a decline from the previous month and this can be attributed to softening of inflation in fuel & power and manufactured goods segments. Further, the recent strengthening of Rupee vis-a-vis the USD will also contribute towards limiting imported inflation".

"Food inflation, however, has increased a bit, and this would require greater monitoring in light of the evolving weather conditions. The government is keeping a close tab on the progress made on irrigation projects, cold chain projects etc. and improvement in these areas is likely to yield positive results. The focus on drip irrigation and micro-irrigation along with improvement in the efficiency of cropping patterns and water use mechanisms will strengthen agri-production and productivity,'' added Patel.

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