Blitz Bureau
NEW DELHI: India’s monsoon rainfall remained weak despite some improvement over the previous week, with food price inflation remaining stable, a report has said.
The report from Emkay Global noted that food price inflation remains contained for now, with weekly retail changes showing vegetables up 1.5 per cent and eggs 1 per cent, while cereals rose 0.5 per cent and oils & fats up 0.2 per cent.
On an annual basis, oils and fats were up 11 per cent and eggs up 6 per cent, vegetables up 3 per cent, milk up 3 per cent, spices up 3 per cent, cereals up 2 per cent, and pulses up 1 per cent.
Continued deficient monsoons over key food-producing states such as Maharashtra, Gujarat, Madhya Pradesh, and Uttar Pradesh, among others, could imperil food supplies and put upward pressure on prices in the coming weeks.
The report further highlighted that cumulative rainfall as of July 3 was 31 per cent below the long‑period average.
The June month ended with rainfall 40 per cent lower than the long period average, making it the worst June month for rainfall in the last decade, it said.
The report said that sowing activity has declined, as the monsoon remains weak, leaving reservoir storage critically low.
Pan-India reservoir levels are at just 26 per cent of capacity and 39 per cent lower than over the same period last year.
