Food
Rural consumption in Q3FY22 estimated to have grown 2% YoY
According to Motilal Oswal Financial Services Ltd. (MOFSL), the estimated growth in Q3FY22 comes after a decline of 1.7 per cent YoY in Q2FY22. Additionally, faster growth in real rural agri or non-agri wages in Q3FY22 also underpinned rural consumption last quarter, it said. On the other hand, urban sector grew strongly in 1HCY21 and continued its decent growth in 2HCY21, but it was below the pre-Covid trend as of end-CY21.
New Chinese regulation hits online food delivery giants
The new regulation on online food delivery platforms in China has hit the industry hard, eroding over $25 billion in the stock value of the Meituan food delivery app being run by Alibaba. A group of Chinese authorities has announced that the food delivery platforms should further reduce the service fees charged to restaurants in order to lower the operating costs for food and beverage businesses, reports TechCrunch.
Afghanistan's state-owned bread factory resumes production after decades
Afghanistan's state-owned bread factory, Silo-e-Markazi or central silo located in Kabul, has resumed production decades after it stopped functioning, an official said here. The factory, which has been badly damaged since the 1990s and stopped functioning since 1992, would be fully reconstructed to increase its products.
CPI inflation likely peaked out; expected to moderate in February
India's consumer price indexed inflation is expected to moderate in February 2022 from the levels in January, said Motilal Oswal Financial Services. Notably, high commodities cost especially of transport fuel prices triggered a wider inflationary trend in January 2022. As a result, India's main inflation gauge -- Consumer Price Index (CPI) -- which denotes retail inflation surged on a sequential as well as year-on-year basis.
Record food grains production of 316.06 mn tonnes estimated
Record food grains production of 316.06 million tonnes (MT) is estimated, as per the Second Advance Estimates of production of major crops for 2021-22, released by the Agriculture and Farmers Welfare Ministry on Wednesday. This is higher by 5.32 million tonnes than production of food grain during 2020-21 and the production during 2021-22 is higher by 25.35 million tonnes than the previous five years' (2016-17 to 2020-21) average production of food grains, a Ministry statement said.
Costly Commodities: India's Jan retail inflation rises to over 6%
As per the data furnished by the National Statistical Office, the Consumer Price Index (CPI) rose to 6.01 per cent last month from 5.66 per cent in December 2021. Similarly, on a YoY basis, the rise in last month's retail inflation was faster than the 4.06 per cent increase in prices recorded for January 2021.
US Fed officials signal March rate hike as inflation surges to 40-yr high
"Inflation is too high and working people around the country are concerned about how far their paychecks will go," Fed Governor Lael Brainard said Thursday at a hearing before the Senate Banking Committee. "Our monetary policy is focused on getting inflation back down to 2 per cent while sustaining a recovery that includes everyone. This is our most important task," said Brainard, President Joe Biden's nominee to serve as the central bank's Vice Chairman.
Shortages at US grocery stores increasing: state media
The shortages impact produce, meat, and packaged goods such as cereal, the report said, adding that the shortages are widespread and are being reported nationwide, Xinhua news agency reported. US groceries typically have 5 to 10 per cent of their items out of stock at any given time and currently the unavailability rate is hovering around 15 per cent, the Consumer Brands Association President and CEO, Geoff Freeman was quoted as saying.
High food prices lift India's Dec retail inflation rate
Data furnished by the National Statistical Office showed that the Consumer Price Index rose by 5.59 per cent last month from 4.91 per cent in November 2021. Similarly, on YoY basis, the rise in last month's retail inflation was faster than the 4.59 per cent rise recorded for December 2020. The macro-economic data assumes significance as retail inflation has almost reached the range limit of the Reserve Bank of India's set target of 2-6 per cent.
Govt declares soya meal essential commodity, puts stock limit till June 2022
Under the Soya Meal Stock Control Order, 2021, issued with immediate effect from December 23, the stock limit has been set in consultation with the Central Department of Animal Husbandry and Dairying, wherein plant/miller/processors are allowed a maximum stock of 90 days production. They would also have to declare storage locations. "For trading companies/traders/private chaupals, only government registered enterprises, a maximum stock of 160 MT with a defined and declared storage location is allowed," said a release from the Ministry of Consumer Affairs, Food and Public Distribution.
Advertisement