India’s rising food-price inflation should worry the world at a time when Russian President Vladimir Putin is casting doubt on the future of a Russia-Ukraine grain deal that helped shore up global food supply.
Indian consumer price inflation touched 7% in August, led by a sharp price rise for select food items. Indian inflation has now remained above the upper limit of the Reserve Bank of India’s target range—6%—for eight consecutive months. And food-price inflation will probably remain elevated in light of unevenly distributed monsoons and a record heat wave that has curtailed sowing and production.
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