Hindi English Translation || Editorial || Food factor: On the latest retail inflation data

Food factor: On the latest retail inflation data

Inflation is impacting personal consumption and hurting growth

The latest retail inflation (मुद्रा स्फ़ीति) data, yet again, underscores (underline, highlight, emphasize, call attention to) how volatile (turbulent, unstable, unsteady, uncertain) food prices continue to hold hostage not only broader inflation but also the lynchpin (most important, main, focal, central (thing)) of economic growth, namely (अर्थात्), personal consumption. While February’s headline Consumer Price Index (CPI) (उपभोक्ता मूल्य सूचकांक)-based reading (analysis, account, explanation; indication, measurement) remained virtually (वास्तव में) unchanged from the preceding (पूर्ववर्ती, पिछला) month, at 5.09%, the pace (गति) of food price gains (कीमत में बढ़ोतरी) computed from the Consumer Food Price Index accelerated (तेज़ करना) by 36 basis points (बुनियादी निर्देश) to 8.66%. Vegetable prices continued to remain the biggest concern, with the third-heaviest food category in the food and beverages (a drink, such as tea, coffee, liquor, beer, milk, juice, or soft drinks, usually excluding water) sub group of the CPI registering 30.3% inflation year-on-year (साल-दर-साल), a disconcerting (चिंताजनक) 315 basis points acceleration (increase, rise) from January’s reading. And inflation in cereals (अनाज), the largest weight among foods in the CPI, also remained high at 7.6%, just marginally (सीमांत रूप से) slower than the preceding month’s 7.83% pace. Among vegetables, the potato-onion-tomato triumvirate (a group of three powerful or notable things (or) a group of three powerful or notable people having influence), which is the most-widely consumed group nationwide and constitutes (account for, form, comprise, make up, represent) more than a third of the weight in the category, led the charge (to be the first one to do something). Potato prices moved from an almost 2% year-on-year deflation (a decrease in the general price level of goods and services) in January to a 12.4% inflation, onion logged 22.1% inflation and tomato’s price gains quickened (accelerate, step up, increase, surge, rise) by close to 400 basis points to a six-month high of 42%. A look at the Department of Consumer Affairs (उपभोक्‍ता कार्य विभाग)’ daily price monitoring dashboard (a type of web based graphical user interface which often provides immediate views of visualization, analytics and key performance indicators (KPIs) relevant to a particular objective or business process) shows little respite on this front (a particular situation; a particular field of activity), with average retail prices of potato, onion and tomato reigning (persist, hold; be in a situation; be present) 21.3%, 41.4% and 35.2% higher, respectively, as on March 14 from a year earlier.

Clearly, the government’s supply side measures (action, step, move), including a three-month-old ban on export of onions, has had little impact on cooling (reduce, lessen, diminish, decrease) prices of these politically sensitive food inputs. And the outlook (prospects, chances, possibilities, expectations, future) too is far from (not, not at all; nowhere near, a long way from) reassuring (optimistic, favourable, encouraging, promising, hopeful). Onion output in the 2023-24 horticulture (gardening, cultivation of plants, agriculture) crop year is seen more than 15.6% lower than last year and production of potato is projected (forecast, predict, estimate, calculate) to log an almost 2% deficit (shortfall, deficiency, shortage, undersupply, slippage) as in the Ministry of Agriculture and Farmers Welfare’s First Advance Estimates released on March 7. The water storage data from the Central Water Commission (a premier Technical Organization of India in the field of Water Resources and is presently functioning as an attached office of the Ministry of Jal Shakti, Department of Water Resources, River Development and Ganga Rejuvenation, Government of India. The Commission is entrusted with the general responsibilities of initiating, coordinating and furthering in consultation of the State Governments concerned, schemes for control, conservation and utilization of water resources throughout the country, for purpose of Flood Control, Irrigation, Navigation, Drinking Water Supply and Water Power Development), showing live storage at 150 reservoirs (a natural or artificial place (lake/pond/dam/etc.) where water is stored) across the country as on March 14 at 40% of capacity, and trailing (lose, lag behind, drop behind, fall behind) both the 10-year average and the year-earlier levels, also does not portend (indicate, denote, herald, signal, presage, augur/bode) well for summer-sown (past participle of sow; plant, seed) crops. This is particularly so in the southern region, where the storage deficit compared with the 10-year average is a most acute (sharp, intense) 29%. Reserve Bank of India Deputy Governor Michael Patra aptly (properly, correctly, rightly, appropriately) summed up the risks to the economy from persistently (continuously, constantly, steadily, steadfastly, invariably) high food inflation (the condition of an increase in the wholesale price index of a necessary food item relative to the general index or the consumer price index (CPI) is referred to as food inflation. In layman’s language, it is basically the rise in the cost of an essential food item relative to the previous price) in his statement to the Monetary Policy (monetary policy refers to the use of monetary instruments under the control of the central bank to regulate magnitudes such as interest rates, money supply, and availability of credit with a view to achieving the ultimate objective of economic policy mentioned in the Reserve Bank of India Act, 1934) Committee last month when he observed (comment, remark, say, mention): “private consumption, which accounts for 57% of GDP, is languishing (lose energy, lose confidence, lose strength, lose vigour, flop, suffer, experience hardship) under the strain (pressure, stress, demand/burden) of still elevated (increased, raised) food inflation. This is particularly telling (interesting, significant, suggestive, expressive, indicative, informative, revealing, disclosing, meaningful) in rural areas. Inflation has to be restrained (limit, restrict, control, contain, regulate, restrict) to its target for growth to be inclusive (all-inclusive, wide-ranging, comprehensive, all-embracing, all-encompassing) and sustained (continuous, constant, steady, perpetual).” Policymakers have their task cut out if the economy is to avoid a summer of discontent (disappointment, dissatisfaction, disgruntlement, resentment, grievances, unhappiness, displeasure) as the country heads to the polls.

Courtesy: The Hindu

Important Word List With Meaning

1.inflation (noun)

Hindi Meaning - मुद्रा स्फ़ीति
English Meaning - simply meaning “cost of living”; increase of price level of goods & services and vice versa decrease of currency value.

2.namely (adverb)

Hindi Meaning - अर्थात्
English Meaning - that is, that is to say, viz., specifically.

3.virtually (adverb)

Hindi Meaning - वास्तव में
English Meaning - practically, effectively, in effect, actually, in reality.

4.preceding (adjective)

Hindi Meaning - पूर्ववर्ती, पिछला
English Meaning - previous, prior, earlier.

5.pace (noun)

Hindi Meaning - गति
English Meaning - rate, speed.

6.price gain (noun)

Hindi Meaning - कीमत में बढ़ोतरी
English Meaning - a general increase in the price of something.

7.consumer price index (CPI) (noun)

Hindi Meaning - उपभोक्ता मूल्य सूचकांक
English Meaning - it is defined as the change in the prices of a basket of goods and services that are typically purchased by specific groups of households. To put it simply, it tracks the prices of goods and services purchased by consumers.

8.Wholesale Price Index (WPI) (noun)

Hindi Meaning - थोक मूल्य सूचकांक
English Meaning - The WPI looks at a basket of wholesale goods (goods purchased in large quantities by businesses directly from manufacturers with the intent of reselling them to retailers). the WPI tracks prices at the factory gate before the retail level.

9.accelerate (verb)

Hindi Meaning - तेज़ करना
English Meaning - escalate, increase/raise rapidly, heighten, intensify.

10.basis point (BPS) (noun)

Hindi Meaning - बुनियादी निर्देश
English Meaning - a unit of measure used in finance to describe the percentage change in the value or rate of a financial instrument. One basis point is equivalent to 0.01% (1/100th of a percent). Used for measuring change in interest rate/yield.

11.year-on-year (adjective)

Hindi Meaning - साल-दर-साल
English Meaning - year over year (for comparison).

12.disconcerting (adjective)

Hindi Meaning - चिंताजनक
English Meaning - upsetting, discomfiting, disturbing, unsettling, disquieting, troubling.

13.cereal (noun)

Hindi Meaning - अनाज
English Meaning - a grain or plants that produce it (for example-wheat, maize, rice & etc.).

14.marginally (adverb)

Hindi Meaning - सीमांत रूप से
English Meaning - slightly, somewhat, to some degree.

15.Department of Consumer Affairs (noun)

Hindi Meaning - उपभोक्‍ता कार्य विभाग
English Meaning - Department of Consumer Affairs is one of the two Departments under the Ministry of Consumer Affairs, Food & Public Distribution. It was constituted as a separate Department in June 1997 as it was considered necessary to have a separate Department to give a fillip to the nascent consumer movement in the country.

16.retail inflation or consumer price index (CPI) inflation (noun)

English Meaning - it is a measure of the total inflation within an economy, including commodities such as food and energy prices. The CPI monitors retail prices at a certain level for a particular commodity. The change in the price index over a period of time is referred to as CPI-based inflation or retail inflation.

17.Wholesale or Wholesale price Index (WPI) inflation (noun)

English Meaning - The change in the price index of the basket of wholesale goods (and no services) over a period of time is referred to as WPI-based inflation or wholesale inflation.

18.private consumption or consumption expenditure (noun)

English Meaning - the spending by households (consumers) on goods and services, excluding new housing.

19.underscore (verb)

English Meaning - underline, highlight, emphasize, call attention to.

20.volatile (adjective)

English Meaning - turbulent, unstable, unsteady, uncertain.

21.take/hold hostage (phrase)

English Meaning - to keep as a hostage; controlled by particular thing.

22.broader superlative adjective of broad (adjective)

English Meaning - comprehensive, extensive, wide, wide-ranging, broad-ranging.

23.lynchpin (noun as modifier)

English Meaning - most important, main, focal, central (thing).

24.headline inflation (noun)

English Meaning - it is a measure of the total inflation within an economy, including commodities such as food and energy prices

25.core inflation (noun)

English Meaning - it is a measure of the total inflation within an economy, excluding commodities such as food and energy prices (which change frequently).

26.reading (noun)

English Meaning - analysis, account, explanation; indication, measurement.

27.Consumer Food Price Index (CFPI) (noun)

English Meaning - a measure of change in retail prices of food products consumed by a defined population group in a given area with reference to a base year.

28.beverage (noun)

English Meaning - a drink, such as tea, coffee, liquor, beer, milk, juice, or soft drinks, usually excluding water.

29.acceleration (noun)

English Meaning - increase, rise.

30.TOP (abbreviation/acronym)

English Meaning - Tomatoes, onions and potatoes, popularly known as TOP vegetables, are the three largest cultivated, produced and consumed vegetables in India

31.triumvirate (noun)

English Meaning - a group of three powerful or notable things (or) a group of three powerful or notable people having influence.

32.constitute (verb)

English Meaning - account for, form, comprise, make up, represent.

33.weight/weightage (noun)

English Meaning - importance, significance, value (of something when compared with another thing).

34.led the charge (phrase)

English Meaning - to be the first one to do something.

35.deflation (noun)

English Meaning - a decrease in the general price level of goods and services.

36.log (verb)

English Meaning - achieve, attain; register, record.

37.quicken (verb)

English Meaning - accelerate, step up, increase, surge, rise.

38.dashboard (noun)

English Meaning - a type of web based graphical user interface which often provides immediate views of visualization, analytics and key performance indicators (KPIs) relevant to a particular objective or business process.

39.respite (noun)

English Meaning - break, pause, rest, interval, breathing space, stoppage.

40.front (noun)

English Meaning - a particular situation; a particular field of activity.

41.reign (verb)

English Meaning - persist, hold; be in a situation; be present.

42.measure (noun)

English Meaning - action, step, move.

43.cool (verb)

English Meaning - reduce, lessen, diminish, decrease.

44.outlook (noun)

English Meaning - prospects, chances, possibilities, expectations, future.

45.far from (phrase)

English Meaning - not, not at all; nowhere near, a long way from.

46.reassuring (adjective)

English Meaning - optimistic, favourable, encouraging, promising, hopeful.

47.horticulture (noun)

English Meaning - gardening, cultivation of plants, agriculture.

48.crop (noun)

English Meaning - a plant that is grown in large quantities.

49.project (verb)

English Meaning - forecast, predict, estimate, calculate.

50.deficit (noun)

English Meaning - shortfall, deficiency, shortage, undersupply, slippage.

51.Central Water Commission (CWC) (noun)

English Meaning - a premier Technical Organization of India in the field of Water Resources and is presently functioning as an attached office of the Ministry of Jal Shakti, Department of Water Resources, River Development and Ganga Rejuvenation, Government of India. The Commission is entrusted with the general responsibilities of initiating, coordinating and furthering in consultation of the State Governments concerned, schemes for control, conservation and utilization of water resources throughout the country, for purpose of Flood Control, Irrigation, Navigation, Drinking Water Supply and Water Power Development.

52.reservoir (noun)

English Meaning - a natural or artificial place (lake/pond/dam/etc.) where water is stored.

53.trail (phrasal verb)

English Meaning - lose, lag behind, drop behind, fall behind.

54.portend (verb)

English Meaning - indicate, denote, herald, signal, presage, augur/bode.

55.sown (verb)

English Meaning - past participle of sow; plant, seed.

56.so (adjective)

English Meaning - accurate, correct, true, valid, spot-on.

57.acute (adjective)

English Meaning - sharp, intense.

58.aptly (adverb)

English Meaning - properly, correctly, rightly, appropriately.

59.sum up (phrasal verb)

English Meaning - summarize, outline, encapsulate, put in a nutshell.

60.persistently (adverb)

English Meaning - continuously, constantly, steadily, steadfastly, invariably.

61.food inflation (noun)

English Meaning - the condition of an increase in the wholesale price index of a necessary food item relative to the general index or the consumer price index (CPI) is referred to as food inflation. In layman’s language, it is basically the rise in the cost of an essential food item relative to the previous price.

62.The monetary policy committee (MPC) (noun)

English Meaning - it is a six-member panel that is expected to bring “value and transparency” to rate-setting decisions. It will feature three members from the RBI — the Governor, a Deputy Governor and another official — and three independent members to be selected by the Government. The MPC will meet four times a year to decide on monetary policy by a majority vote.

63.monetary policy (noun)

English Meaning - monetary policy refers to the use of monetary instruments under the control of the central bank to regulate magnitudes such as interest rates, money supply, and availability of credit with a view to achieving the ultimate objective of economic policy mentioned in the Reserve Bank of India Act, 1934.

64.observe (verb)

English Meaning - comment, remark, say, mention.

65.account for (phrasal verb)

English Meaning - constitute, form, comprise, make up, represent.

66.Gross domestic product (GDP) (noun)

English Meaning - a measure of economic activity in a country. the total value of all final goods and services produced within the country in one financial year.

67.languish (verb)

English Meaning - lose energy, lose confidence, lose strength, lose vigour, flop, suffer, experience hardship.

68.strain (noun)

English Meaning - pressure, stress, demand/burden.

69.elevated (adjective)

English Meaning - increased, raised.

70.telling (adjective)

English Meaning - interesting, significant, suggestive, expressive, indicative, informative, revealing, disclosing, meaningful.

71.restrain (verb)

English Meaning - limit, restrict, control, contain, regulate, restrict.

72.inclusive (adjective)

English Meaning - all-inclusive, wide-ranging, comprehensive, all-embracing, all-encompassing.

73.sustained (adjective)

English Meaning - continuous, constant, steady, perpetual.

74.have one’s task cut out (phrase)

English Meaning - be faced with a tough task/work to do; faced with a lot of hard work to accomplish something.

75.discontent (noun)

English Meaning - disappointment, dissatisfaction, disgruntlement, resentment, grievances, unhappiness, displeasure.