Working to stabilise food prices: Min

Calibrated import and export policies and incentives for domestic production are being taken up to maintain price stability in the interest of consumers and farmers, said Ministry of Consumer Affairs in a press release.

In the case of onions, pre-emptive decisions such as tweaking export policies ensured increased export despite comparatively higher mandi prices throughout 2024, it added.

The release listed removal of the procurement ceiling under Price Support Scheme (PSS) for traditionally imported pulses like tur urad and masur, extension of the duty-free import policy for tur, urad, masur, chana and yellow peas, onion procurement and the sale of Bharat brand of pulses as measures that helped to ease CPI pulses inflation rate from 19.54% in January, 2024 to 3.83% in December, 2024.


"The December retail inflation rate of 5.22% is significantly lower than the year's peak of 6.21% in October. Food inflation had also moderated in December to 8.39% from 10.87% in October. When compared with previous years, the annual average retail inflation rate of 4.95% in 2024 is lower than rates for previous two years which were 6.69% in 2022 and 5.65% in 2023," it said. The ministry expects an increase in domestic production of some crops.