Category : Climate Change | Location : Delhi | Posted on 2023-08-21 04:30:42
The government has pressed the panic button on inflation. After retail inflation in July soared to a 15-month high of 7.44%, the government is trying to ease the inflation pressure through various measures, the latest being disincentivising onion exports by levying a duty of 40%. In July, the government banned exports of non-basmati rice, while the ban on wheat exports continues for over a year now. The consumer food inflation soared to 11.5% year-on-year in July, driven mainly by vegetables (37% y-o-y), cereals (13%) and spices (21%). While the government would like us to believe that the latest round of food inflation is largely seasonal—and prices would ease in a month or two—the truth is that climate change concerns are now materialising.
