Several countries currently have been facing food crisis all over the world including advanced economies, but India has managed to control its inflation trend quite beautifully.
Consumer food price index (CFPI) levels in India decreased from 5.95% in February and 7.68% in March 2022 to 4.79% in March of this year. At the same time that the US and European economies are struggling to recover from Covid-19’s economic disruption and in the wake of the Russia-Ukraine war, inflation rates in those countries have been significantly beyond their tolerance levels.
In the US, the UK, and Euro Area, the food inflation is 8.5 per cent, 19.1 per cent, and 17.5 per cent, data put out by the World of Statistics on its Twitter handle showed.
Food inflation in nations like Lebanon, Venezuela, Argentina, and Zimbabwe is 352 percent, 168%, 110 percent, and 102 percent.
A member of the Prime Minister’s Economic Advisory Council named Prof Shamika Ravi tweeted, “Well done India – for managing food inflation so well (at such challenging global circumstances!).
She included information about food inflation from several countries that were tweeted by “World of Statistics “.
India is among the six countries towards the bottom half of the list whose food inflation is less than five per cent.
The government has taken action to contain the increase of food rates.
To manage the overall food security of the country as well as meet the needs of the neighbouring and other vulnerable countries amid the Ukraine war, India last year amended the export policy of wheat by putting its export under the “prohibited” category, which is still in force.