food inflation in india: present scenario - indian research journals

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IRJC International Journal of Social Science & Interdisciplinary Research__________________________________ ISSN 2277 3630 Vol.2 (2), FEBRUARY (2013) Online available at indianresearchjournals.com Figure 1.1: Contribution to WPI Inflation by Major Groups: Source: Economic Survey 2011-12. Primary Manufactured Fuel Looking at the weighted contribution of major product groups to WPI inflation (figure 1.1), it can be noticed that the largest contribution is made by manufactured products i.e. 49 per cent while primary articles and fuel has contributed to Wholesale Price Index only by 28 per cent and 23 percent simultaneously during the year 2011-12. 52
IRJC International Journal of Social Science & Interdisciplinary Research__________________________________ ISSN 2277 3630 Vol.2 (2), FEBRUARY (2013) Online available at indianresearchjournals.com Table 1.2: WPI-based Year-on-Year Inflation in Major Subgroups: Source: Economic Survey 2011-12 The food price index consists of mainly two subcomponents, namely primary food articles and manufactured food products. The overall weight of the composite food index in the WPI is 24.31 per cent, (primary food articles: 14.34 per cent and manufactured food products: 9.97 per cent). The primary food article inflation has been a cause of serious concern for the economy during 2009-11. It remained at an average level of 16.75 per cent in 2010-11 and 15.27 per cent in 2009-10 (April-January) mainly due to surge in the prices of fruits & vegetables prices and protein-rich items such as milk, eggs, fish, and meat. However, in the current economic year average inflation in food articles has significantly declined to 7.15 per cent. This was mainly due to sizeable drop in fruits and vegetables prices. as a result of which inflation in these commodities has now turned negative in December 2011 and January 2012 (Table 1.2). 53
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