Data recap: Jio phone, tomato prices, stocks, and more
₹100/ kg in several cities. The key reason is crop damage in key growing states due to extreme weather from unusually hot conditions to incessant rains. Data from the Department of Consumer Affairs showed that retail prices shot up by 264% in Ahmedabad, 186% in Delhi, and 185% in Bengaluru during 1-27 June.
Currently, the average price across India is hovering around ₹90/kg, with the lowest at around ₹31/kg and the highest at ₹160/kg. 65,000:That’s the latest milestone the Sensex crossed earlier this week, helped by strong economic activity in the country and fading fears of a global recession. The last 5,000 points came after a lengthy gap of 438 trading days.
After hitting the mark, the index has remained above the level, with foreign portfolio investors pumping in the money. The rally is also being fuelled by the expectation that the US Federal Reserve may end its battle against inflation sooner than expected. When the US Fed began hiking interest rates in 2022 to control spiralling inflation, emerging market economies, including India, were dreading a repeat of the 2013 taper tantrum-like situation.
A decade ago, exchange rates of the “Fragile Five"—Brazil, India, Indonesia, South Africa, and Turkey—plummeted when the US indicated a possible policy tightening. But this time, most emerging markets have fared much better since 2022 despite the rate hikes in the US, aMint analysisshowed. The value of new investment proposals by businesses in India slumped sharply to ₹6 trillion in the quarter ended June,Mint reported.
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