July saw a 34 percent rise in homemade veg thali cost due to soaring tomato prices, reports CRISIL.
In July, the cost of an average homemade vegetarian thali was about ₹33.7, while a non-vegetarian thali cost around ₹66.8, as per CRISIL's food plate cost analysis. Both veg and non-veg thalis saw an increase in costs, rising by 34% and 13% respectively compared to the previous month. This surge in thali costs was largely driven by the notable spike in tomato prices.
The price of a basic vegetarian thali in India saw a significant 34% jump from June to July, based on the findings of CRISIL's monthly food cost assessment released on August 7. Approximately a quarter of this rise is attributed solely to the soaring tomato prices, as indicated in the report.
The price of tomatoes, which was around Rs33/kg in June, skyrocketed to Rs110/kg in July, marking an astounding 233% increase in just one month. Additionally, onion and potato prices also recorded modest hikes of 16% and 9% respectively from June to July.
On the other hand, the cost of a non-vegetarian thali saw a slower rate of increase, partly due to a 3-5% decline in broiler prices, which constitute over 50% of the overall cost. A 2% drop in vegetable oil prices also contributed to some relief.
Pushan Sharma, Director of CRISIL, highlighted that thali costs have steadily risen for three consecutive months in July and have seen an annual increase for the first time in this fiscal year, primarily due to the surging tomato prices.
The Indian spice market has also experienced significant price hikes in essential seasonings over the past year. In July, chili and cumin prices surged by 69% and 16% respectively on a month-on-month basis.
However, it's worth noting that even though key seasonings like chili and cumin have seen double-digit price hikes, their overall contribution to thali costs remains lower than some other vegetable crops, as cautioned in the report.
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