The inflation in the food basket was 11.51 percent in July compared to 4.55 percent in June and 6.69 percent in July 2022.
Another key commodity in your kitchen – turmeric – is going to be heavy on your pocket as its prices will skyrocket in the market.
Prices of turmeric have doubled in many states in the last three months. In Maharashtra, Telangana, and Tamil Nadu, Mandi prices are currently prevailing around Rs 14,000/quintal from earlier Rs 7000/quintal in April.
The price of a key vegetable in the Indian kitchen, tomato, has already gone northwards. Jeera (cumin seeds), and tur dal are also the other two commodities that have been a matter of concern in terms of price rise.
Traders believed that unseasonal rains in the harvesting months of April-May, which have adversely impacted the output, and delayed sowing due to the late onset of monsoon, have led to a sharp rise in prices.
Rains in April-May resulted in high moisture in the crop, allowing no time to dry.
Due to this, nearly 7-8 lakh bags of 50 kg each, or 35,000-40,000 tonnes of the crop in Maharashtra were affected.
If reports are to be believed, traders as well as farmers are also holding onto some stock in anticipation of higher future prices.
The Spice Board of India has estimated turmeric production in the 2022-23 crop year (July-June) at 1.16 million tonnes (MT), recording a decline of 5% from 1.22 MT in 2021-2022.
The Board has projected a decline of 10-20% in the sowing area of turmeric in Maharashtra, Tamil Nadu, Andhra Pradesh and Telangana in the current year.
Export of turmeric can also be a matter of concern as the volume of turmeric export in FY23 rose 11% from the previous fiscal to 0.17 MT. India is the largest producer, consumer and exporter of turmeric in the world.