India's consumer price index-based inflation rose to a 15-month high of 7.44% in July, primarily led by a rise in vegetable prices, especially those of tomatoes. This price shock came after inflation had cooled from its peak of 7.3% in Q1FY23 to 4.6% in Q1FY24.
The RBI's monetary policy committee (MPC) earlier this month hiked its inflation forecast for the current fiscal by 30 bps to 5.4% and for Q2, by 100 bps to 6.2%. It now looks that at least the Q2 forecast will be overshot.
"The vulnerability of the economy to recurring incidence of vegetable price shocks, especially ahead of and during the monsoon, warrants major reforms in perishable supply chains covering transportation networks, warehousing and storage technologies, and value addition processes that damp the amplitude of these swings," the RBI said, in the monthly state of the economy report.
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