The weekly wholesale price data shows that food prices have come down from the beginning of 2011. While the Wholesale Price Index for food prices was at 196.5 as on 1 January, it had fallen to 184.7 by the end of April. This is in contrast to the trend in previous years, when the food price index went up between the first week of the year and end April/early May. However, the food price index has started moving up from the low it reached at the end of March 2011.
On a year-on-year basis, the food price index was up 7.7% as on 30 April 2011. That’s much lower than the Food and Agriculture Organization’s (FAO) world food price index, which was up 36% above the April 2010 figure, although it was 2% below its peak in February this year.
Graphic by Yogesh Kumar/Mint
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