Prices of essentials rose 18 percent in one year: Assocham

October 10th, 2010 - 2:07 pm ICT by IANS  

New Delhi, Oct 10 (IANS) Prices of commodities like condiments and spices, eggs, fish, meat, tea, wheat, pulses and coffee rose by 18 percent in the one year between August 2009 and 2010, an industry lobby says.

In the same period, the per capita income of an average Indian rose by 10.4 percent - Rs.4,404 - from Rs.40,141 in August 2009, the study by the Associated Chamber of Commerce and Industry of India (Assocham) adds.

The study says that the rise in prices of essential commodities and per capita income is utterly disproportionate.

The prices of condiments witnessed extremely high volatility - 40 percent - between August 2009 and August 2010.

The survey found that the per capita consumption of condiments and spices in India is on the rise following a change in food habits. Winter, the season of weddings in north India along with Christmas and New Year celebrations, may also lead to an upsurge in the demand for spices.

“The good demand due to upcoming festivals such as Navratras, Dussehra and Diwali, has resulted in condiments and spices prices rising during the festive season,” said Assocham secretary general D.S. Rawat.

Prices of eggs, fish and meat also rose over 27 percent between August 2009 and August 2010.

During this period, milk prices increased by 26 percent. Prices of tea increased by 11 percent, while meat prices have increased by 10 percent.

Coffee prices increased by over seven percent during the period. This is because of the anticipated tight supplies that would be just enough to satisfy the growing demand.

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