Global Rice News

HIGHLIGHTS of April 2024

CPI-Based Annual Headline Inflation: A Sign of Improvement

In April 2024, the CPI-Based Annual Headline Inflation stood at 17.3%, showing a significant decrease from 36.4% in the same month last year. This decline indicates a positive trend in the country’s inflation rate, bringing some relief to the economy.

Annual Food Inflation: A Welcome Improvement

Another positive development is the improvement in Annual Food Inflation, which dropped to 9.7% in April 2024 from a staggering 48.1% in April 2023. This marks a substantial improvement and is the first time in two and a half years that food inflation has returned to single digits, since October 2021.

Staple Cereals: Stable Prices

When it comes to staple cereals, prices have either remained stable or witnessed a decline compared to the previous month. Rice prices have remained steady while wheat flour and wheat prices have experienced a slight decrease. However, if we consider the prices from the previous year, there have been notable increases in the prices of various rice varieties, while the price of wheat and wheat flour has decreased.

Fluctuations in Non-Cereal Food Prices

Apart from cereals, there have been fluctuations in the prices of non-cereal food items as well. Notably, there has been a significant monthly increase of 12% in the price of chicken, along with marginal increases in pulse prices. On a yearly basis, there have been price spikes for chicken, sugar, and pulses. On the other hand, the prices of ghee, cooking oil, and eggs have recorded notable decreases compared to the prices in March 2024.

Terms of Trade (ToT): A Positive Change

The Terms of Trade (ToT) have seen improvement, with an 11% increase over the past month and a 19% increase compared to the same period last year. This indicates a positive shift in the country’s trade balance and is encouraging news for the economy.

Conclusion

Overall, the inflation rate and food prices in April 2024 have shown positive signs of improvement compared to the previous year. Stable or declining prices of staple cereals and fluctuations in non-cereal food prices provide insights into the country’s market trends. The improved Terms of Trade add to the positive outlook for the economy.

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