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India’s inflation problem UPSC NOTE

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  Implications of Excluding Food Prices from India's Inflation Target Shift in Inflation Focus : Moves from 'headline' inflation...

 Implications of Excluding Food Prices from India's Inflation Target

  • Shift in Inflation Focus: Moves from 'headline' inflation (including all prices) to 'core' inflation (excluding food and energy).

  • Distorts the true measure of inflation experienced by households.

  • Food constitutes about 50% of household expenditure in India, making its inclusion crucial.

  • RBI’s past efforts to control headline inflation have been ineffective; focusing only on core inflation may not solve broader issues.

  • Food prices affect core inflation through higher wages and production costs.

  • RBI has struggled to meet inflation targets, exacerbated by persistent food price inflation.

  • Other central banks also face challenges with inflation, showing food prices' impact is not unique to India.


Way Forward

  • Focus on increasing yields and managing food supply to control food prices.

  • Removing food prices from targets without addressing the root issues won’t manage inflation effectively.

  • High food prices could lead to increased budgetary spending on subsidies, limiting funds for other public goods.

  • A long-term approach to food price control through agricultural improvements is essential.

  • Ignoring food prices in inflation targets could leave the economy vulnerable and fail to protect living standards.


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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: India’s inflation problem UPSC NOTE
India’s inflation problem UPSC NOTE
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