Extreme weather and crop damage led to hike in food prices over the past two years
Extreme weather, lower reservoir levels and crop damage have affected farm output and led to higher food prices over the past two years, the Economic Survey 2023-24 said on July 22.
Unfavourable weather conditions particularly impacted the production prospects of vegetables and pulses, it said.
“In FY23 and FY24, the agriculture sector was affected by extreme weather events, lower reservoir levels, and damaged crops that adversely affected farm output and food prices. So, food inflation based on the Consumer Food Price Index (CFPI) increased from 3.8% in FY22 to 6.6% in FY23 and further to 7.5% in FY24,” read the consolidated report on the state of the economy in the previous year.
