Sir,
Lowering income owing to serious slowdown in the economy and rising prices of goods and services is a deadly combination that has been delivered to us to be swallowed. Inflation is set to rise more sharply than expected. Moreover, the Government of India does not seem to have any clue to contain them effectively in near future. The situation appears to be out of control of the Government greatly affecting the well-being of the people pushing them into greater difficulties. Food is essential and that too is becoming increasingly costlier making the poor people most vulnerable.
The rising food prices have already pushed the retail inflation in November to over three-year high of 5.54 per cent as per the latest data released by the National Statistical Office (NSO). In November 2018, it was only 2.33. The previous high of the Consumer Price Index was 6.07 in July 2016. The industrial sector output has also shrunk for the third month in a row by 3.8 per cent in October. It indicates that the slowdown in the Indian economy is deepening.
In all likelihood the inflation is to spike further to around 6 per cent in December 2019, primarily on account of the Government policies that we have adopted. Rates of several goods and services have been increased. All these may result into higher prices and inflation in the months ahead.
Gyan Pathak
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