Deficient rainfall, lower sowing and reservoir levels in India are threatening the country’s farm sector and inflation, warns a report by Motilal Oswal Financial Services. The situation could push rice prices higher, as the crop constitutes around 4.4% of the overall consumer price index basket. Rising global rice prices would also further push local prices up. Water reservoir levels as of 22 June stood at about 26% of their live storage capacity, the lowest in four years. Meanwhile, cumulative rainfall until 24 June has been 30% below normal, compared with 4% below normal last year. Apart from the Northwest, all Indian regions have seen below normal rainfall.Â
Rice prices and inflation may surge due to low rainfall and decreased sowing
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