Inflation has already made its presence known to the consumers with the increase in rice and chicken prices.
Consumers are feeling the intense heat of the rising rice and chicken prices. Chicken prices have increased five years high this summer as the intense heat of summer has led to the deaths of Chicks the prices of feeds for poultry have increased more than 80 percent due to the absence in the supply of corn from Ukraine.
The retail prices set for chicken are 33 percent higher this summer than the previous year and have doubled from what was the scenario five years ago.
The Chicken prices will lower a bit in the period of October-November when Soybeans will be harvested. Soybean is a critical ingredient for animal feed. Currently, Chicken is being sold at a commanding price of Rs 240 per kg.
Even though the prices of Rice cooled down a bit, the prices have again increased by 9 percent in the last two weeks. It has been coming off as news that Bangladesh will buy Rice from private traders and will import them to meet the rising demand thus affecting the inflation.
“At the farmgate level chicken is being at Rs 120 per kg, which was the price at the retail end five years ago during the summer months. This time the heatwave has resulted in death of chicks which is why the volume has come down pushing up prices further. Prices will slowly start falling from July, when monsoon picks up in the country. Rural India engages itself in sowing and other farming activities thus reducing the consumption demand.”
Vasanth Kumar Setty, President, Poultry Farmers and Breeders Association, Maharashtra
Annually, 4.3-4.5 million tonnes of Poultry is produced in the country and the industry is pacing up to increase it by 6.3 million tonnes by 2023.
The prices of Rice which is the staple food for the majority in the country have decreased as the rice crop produced in summer has started to reach the market. But the news of Bangladesh buying rice from private traders and importing it has had a critical impact on the prices of rice.
