The Union government on Tuesday reported that the prices of essential commodities saw a significant decline in March 2022, compared to the same period over the previous years.
Prices compared to March 2021
As per data available with the Union Ministry of Consumer Affairs, Food and Public Distribution, there was a 23 percent decline in the price of garlic compared to March 2021 due to a drop in compound and annual growth rate (CAGR), while the prices of onion (9 percent), coconut (6 percent), ginger (6 percent), apple (4 percent) and rice (3 percent) too dropped.According to ministry data, prices of jowar and its products dropped nearly 2 percent last month compared to March 2021. Similarly, prices dropped for musk melon (1 percent), tur dal (1 percent), tamarind (10 percent) and coconut oil (14 percent).
The ministry said in a statement, “The drop in prices is due to the several proactive and pre-emptive measures of the Government of India to augment domestic availability and stabilise prices of essential food commodities.”
Prices compared to March 2019
Similarly, compared to March 2019, in March 2022, there was a significant drop in the prices of rice (5 percent), cashew nut (7 percent), ginger (33 percent), tomato (4 percent), and coconut oil 3 percent).
Prices compared to March 2018
Consequently, compared to March 2018, the data reported a significant drop in the prices of rice (3 percent), coconut oil (3.3 percent), banana (1 percent), coconut (3 percent), cashew nut (5 percent), and, ginger (12 percent) is reported.
Prices compared to March 2017
As compared to March 2017, in March 2022, there was a drop in the prices of rice (2 percent), cashew nut (0.2 percent), ginger (nearly 14%), garlic (nearly 25 percent), split gram (12 percent), whole gram (nearly 7 percent), sugar (3 percent) and besan (10 percent) is reported.
Prices compared to March 2016
With respect to March 2016, commodities the prices of which had reduced were rice (3 percent), wheat (7 percent), garlic (17 percent), ginger (22 percent), tur dal (16 percent) and urad dal (9 percent).
Prices compared to March 2015
Commodities for which prices had significantly reduced in March 2022 when compared to March 2015 are rice (6 percent), wheat/atta (8 percent), and ginger (26 percent).
Prices compared to March 2014
In comparison to March 2014, the commodities for which prices had gone done in March 2022 are rice (10 percent), wheat/atta (13 percent), and ginger (36 percent).
The mininstry added in the statement, "Notably, amongst all the commodities considered, ginger had experienced the lowest price in March 2022 when compared Year-on-Year with respect to the month of March 2014, with an overall drop in CAGR of 6 percent."
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
2024 Lok Sabha Elections | What does a low voter turnout indicate for NDA and I.N.D.I.A Bloc
Apr 29, 2024 5:48 AM
'Borrowed' leaders: Congress hits out at AAP for not fielding their own candidates in Punjab
Apr 28, 2024 9:53 PM
EC asks AAP to modify election campaign song and Kejriwal's party is miffed
Apr 28, 2024 9:25 PM