Food Inflation May Rise: The rise in retail inflation in January has raised concerns, but the biggest problem has been the rise in food inflation, which reached 5.94 per cent in January 2023 as compared to 4.19 per cent in December. But it is believed that in the coming days, food inflation can be even more troubling. Many research reports believe that due to the effect of El Nino this year, drought-like conditions may arise due to which there may be a decrease in food grain production.
No relief from inflation!
The MOAA (National Oceanic and Atmospheric Administration), an organization associated with America, has predicted the arrival of El Nino between June and December 2023. This can affect the monsoon in India. Brokerage house MK Global said that whenever there has been a drought in the last 20 years, it has happened due to El Nino. It has been said in the research report that due to El Nino, there may be drought, due to which there may be pressure on the supply of food items, which may affect the prices. Food items can be expensive.
In the Monthly Economic Review released by the Ministry of Finance for January, it has been said that agencies providing information related to weather have predicted that conditions like El Nino can be seen in India. If this prediction turns out to be true, its effect can be seen in the monsoon. There can be a decrease in the rain. Due to this, agricultural production may remain low, due to which the prices of food items may increase.
What is el nino and la nina
El Nino and La Nina are periodic changes in the sea surface temperature of the Pacific Ocean, the effect of which is seen in the weather. Due to El Nino, the temperature is hot and due to La Nina, the cold is more. Due to El Nino, there is heat even in the cold season, while in the summer season the temperature rises and drought-like conditions arise. Due to its effect, changes are seen in the areas that get rain. It rains more in places with less rainfall. There is less rain in India when El Nino is active.