A 445% price jump makes tomatoes more pricey than gasoline in India

[beijingwalker]

A 445% price jump makes tomatoes more pricey than gasoline in India​

07 Jul 2023, 10:56 AM ISTBloomberg

Indian tomato prices are soaring due to adverse weather, triggering a wave of social media memes comparing the cost of the essential ingredient with anything from petrol to political influence.​

Nagpur: Tomatoes being sold at a market, in Nagpur, Thursday, July 6, 2023. Tomato prices have soared across India with retail price crossing Rs. 100/kg in many parts of the country. (PTI Photo)(PTI07_06_2023_000102A) (PTI)

Indian tomato prices are soaring due to adverse weather, triggering a wave of social media memes comparing the cost of the essential ingredient with anything from petrol to political influence.

Heavy rains in some growing areas and hotter-than normal temperatures last month hit output of the crop, causing a fivefold increase in prices this year. Tomatoes usually become expensive in the lean production months of June and July, but the impact this year has been exaggerated.

Tomatoes and onions are so emotive in the world’s most-populous nation that a surge in prices can trigger protests. Indeed some ruling political parties in India lost elections because they couldn’t control the price of onions, which along with tomatoes are an essential element of mainstay dishes. High food prices could also hobble the central bank’s efforts to drive economic growth and keep inflation under control.

Social media in India is abuzz with tomato-related memes. One shows tomatoes racing ahead of petrol and diesel, while another says get a free iPhone with every kilogram of tomatoes. In a reference to a key opposition leader and other lawmakers joining the ruling alliance in Maharashtra — India’s wealthiest state led by Prime Minister Narendra Modi’s Bharatiya Janata Party — a YouTube video joked that buying politicians was cheaper than purchasing tomatoes.

The retail price of tomatoes in New Delhi on Thursday was 120 rupees ($1.45) a kilogram, compared with 22 rupees at the start of 2023, according to data compiled by the food ministry. By contrast, petrol was selling for around 96 rupees a liter in the capital.

Food inflation in India probably increased to 4% year-on-year in June from 3.3% in May, Bloomberg Economist Abhishek Gupta said in a report. This estimate is based on sharp gains in prices of tomatoes, pulses and rice, according to available daily price data.

The price surge is even fueling crime. A farmer in the southern state of Karnataka reported the theft of 150,000 rupees of tomatoes, according to the Hindustan Times.

Tomato prices typically rise during June-July and then again in October-November due to lean production seasons in major growing areas, said Rohit Kumar Singh, the top bureaucrat at the consumers affairs department of the food ministry.

“We call it seasonality in commodity prices," he said. “The prices will start declining when harvesting begins from August."

Southern and western states, which account for almost 60% of the country’s total tomato production, send their surplus crop to other markets in India depending on the season.

As the federal government searches for a long-term solution, it’s seeking ideas from the public to develop cost-effective technologies and ensure tomatoes are available at affordable prices.

A 445% price jump makes tomatoes more pricey than gasoline in India

Indian tomato prices are soaring due to adverse weather, triggering a wave of social media memes comparing the cost of the essential ingredient with anything from petrol to political influence.

www.livemint.com

 

[beijingwalker]

Indian consumers' plight amid rising prices is likely to get worse​

Diksha Tripathy
Jul 06, 2023, 06:02 PM IST

Most Indians are reeling under the red hot price spike of daily food items such as tomato, ginger, chilly, brinjal and cumin. However, sadly, the finance ministry today flagged an upcoming likely scenario that offers no hope to the common people to get an escape from the price pressure.

The recent spike in the prices of essential food items, which have doubled in most cases across India, has been attributed to geographical anomalies like heatwave and pestilence.

The El Nino influence paired with a delayed impact of constantly reducing WPI on retail inflation is expected to make the situation worse for consumers, the finance ministry suggested in its annual economic review.

"However, the lagged impact of monetary policy on credit demand may dampen the incipient rekindling of inflation," the ministry said.

Retail inflation had eased to a 25-month low of 4.25 per cent in May on an annual basis. The falling inflation numbers might present a picture of price rise moderating in India, but the gap between wholesale and retail numbers is still wide. India's WPI or wholesale inflation had contracted 3.48 per cent in May primarily due to fall in prices of mineral oils, basic metals and crude petroleum & natural gas.

However, data shows that there has been a ubiquitous increase in food prices, with spices too taking a hit.


With India being an agrarian economy, the impact of El Nino has usually been a cause of worry for the markets. The report by the finance ministry flagged risks to growth in FY24 stemming from geopolitical issues and the impact of the El Nino phenomenon.


"Factors that can constrain the pace of growth include escalation of geopolitical stress, enhanced volatility in global financial systems, sharp price correction in global stock markets, high magnitude of El Nino impact, and modest trade activity," it said.

The El Nino forecast had also compelled policymakers to impose stock limits on tur, urad and wheat and implement a cap on sugar exports until mid-2024.

A less-than-normal monsoon in India pushed down the planting of summer-sown rice by 26 per cent on an annual basis, reported Reuters, citing the government data on Thursday. This hints at the prices of commodities rising significantly.

A moderation in production also hints at supply-chain disruption. Less production may provide the government with an urge to put in force more curbs, which, in turn, would leave importers from Indian markets struggling. As a consequence, the prices will surge at a global level.

"The supply situation is extremely tight, and decrease in Indian exports could potentially cause global prices to surge," Reuters quoted a Singapore-based dealer with a global trading house, as saying.

The Indian economy is still recovering from the consequences of the Russia-Ukraine war led supply constraints and further policy tightening might impact the balance in the economy and hit Indian consumers' pocket.

Indian consumers' plight amid rising prices is likely to get worse

Most Indians are reeling under the red hot price spike of daily food items such as tomato, ginger, chilly, brinjal and cumin. The finance ministry today flagged an upcoming likely scenario that offers no hope to the common people to get an escape from the price pressure. The El Nino influence...

economictimes.indiatimes.com

 

[Skull and Bones]

Good time to start hydroponics farming @hembo

 

[beijingwalker]

Time for PDF Indian users to hurry to hoard some tomatos.

 

[hembo]

Good time to start hydroponics farming @hembo

Its a temporary hike in Maharashtra due to some **** up in supply chain management. Gonna come down soon.

 

[hari sud]

Dream on…… Rains have come and new crop will make the price back where it was.

 

[CallSignMaverick]

wumao gets a boner over some temporary price hike

 

[beijingwalker]

wumao gets a boner over some temporary price hike

Temporary? you are already dirt poor, if you are ok with the price hike, it's fine with others.

Indian consumers' plight amid rising prices is likely to get worse​

Indian consumers' plight amid rising prices is likely to get worse

Most Indians are reeling under the red hot price spike of daily food items such as tomato, ginger, chilly, brinjal and cumin. The finance ministry today flagged an upcoming likely scenario that offers no hope to the common people to get an escape from the price pressure. The El Nino influence...

economictimes.indiatimes.com

 

[CallSignMaverick]

Yes wumao its temporary, its not that tomatoes shoot off so much one sudden day.

 

[beijingwalker]

Yes wumao its temporary, its not that tomatoes shoot off so much one sudden day.

lol, sure, you

 

[Chandragupt Maurya]

lol, sure, you

View attachment 937506

In my opinion, China potentially faces a higher poverty rate compared to India; however, this poverty often remains concealed behind impressive infrastructure and modern constructions. A similar phenomenon can be observed in North Korea, where the absence of slums creates an illusion of cleanliness, artificiality, and a shiny appearance. It is common for inexpensive items to appear more visually appealing since their shine helps mask their inherent cheapness. Both China and North Korea seem to prioritize the construction of shiny buildings as a strategy to divert attention from underlying poverty, reflecting a certain obsession within their respective governments.

 

[beijingwalker]

In my opinion, China potentially faces a higher poverty rate compared to India;

Lol, where the heck is wrong with your brain?

 

[Chandragupt Maurya]

Lol, where the heck is wrong with your brain?

Upon initial observation, Chinese cities may give the impression of being wealthier than even New York and London, boasting shiny buildings, wide roads, and well-developed railways. However, appearances can be deceiving. Similarly, if one were to visit Pyongyang, the capital of North Korea, it would appear unnaturally organized and immaculate, almost unreal. These outward displays of artificiality are often employed to conceal the plight of the underprivileged from outsiders. Personally, I find India to be a preferable choice over China, despite the absence of such gleaming infrastructure. People in India seem to lead better, happier lives when compared to their counterparts in China.

 

[beijingwalker]

Upon initial observation, Chinese cities may give the impression of being wealthier than even New York and London, boasting shiny buildings, wide roads, and well-developed railways. However, appearances can be deceiving. Similarly, if one were to visit Pyongyang, the capital of North Korea, it would appear unnaturally organized and immaculate, almost unreal. These outward displays of artificiality are often employed to conceal the plight of the underprivileged from outsiders. Personally, I find India to be a preferable choice over China, despite the absence of such gleaming infrastructure. People in India seem to lead better, happier lives when compared to their counterparts in China.

Do you have any hard evidence, like numbers, hard facts to back up your claim that China has more poverty than India? You think China is like N.Korea? why you keep comparing China to North Korea? China is the world biggest industrial nation, trading nation, manufacturing nation, mining nation, agricultural nation, export nation, surplus nation...and North Korea..?

Personally, I find India to be a preferable choice over China, despite the absence of such gleaming infrastructure. People in India seem to lead better, happier lives when compared to their counterparts in China.

India's Rank in World Happiness Index 2023
India ranks as one of the least happy nations in the world, coming in at position 126 out of 136.

World Happiness Index 2023: India Rank, Country Wise List

Get to know all about the World Happiness Index 2023 here. Also, check Happiness Index 2023 India Rank along with the complete country-wise ranking and list.

byjusexamprep.com

 

[Chandragupt Maurya]

Do you have any hard evidence, like numbers, hard facts to back up your claim that China has more poverty than India? You think China is like N.Korea? why you keep comparing China to North Korea? China is the world biggest industrial nation, trading nation, manufacturing nation, mining nation, agricultural nation, export nation, surplus nation...and North Korea..?

What I'm trying to convey is that merely possessing shiny buildings doesn't necessarily indicate that the average person in China leads a better life than their Indian counterpart. While it is undeniable that China serves as the manufacturing hub of the world, if the labor force is treated akin to slaves in industries, then it may be preferable to reside in India, even if it means living in poverty and engaging in farming or similar pursuits.