Milk Gives Government A Headache As Prices Soar Ahead of 2024 Polls
NDTV
The average retail price of milk in India has increased by 12% from a year ago to 57.15 rupees ($0.6962) a liter.
Milk is ubiquitous in India - from the morning glassful that most middle class school kids glug to its use in Hindu religious rituals. Now it could become a headache for Prime Minister Narendra Modi's government as prices soar.
The average retail price of milk in India has increased by 12% from a year ago to 57.15 rupees ($0.6962) a liter. A mix of factors is at play - a jump in the cost of cereals has made cattle feed more expensive coupled with lower dairy yields as cows were inadequately fed due to the pandemic rupturing demand at the time.
In turn, milk - which has the second-largest weight in India's food basket - pushes up overall inflation as well. India's headline inflation for March fell below the central bank's target of 6% as high interest rates cooled overall demand, according to data released Wednesday. However, milk inflation trended higher than the overall figure at 9.31%.
High prices of milk and related products - emotive items that most poor families aspire to and wealthier people see as indicators of status - have the potential of becoming a political risk for Modi's government ahead of national elections next summer.
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