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Deputy Governor of Reserve Bank of India K C Chakrabarty says that prices may go up this year following abnormal monsoon that may put pressure on inflation, reports PTI. He said this while addressing a meeting of the chairmen of regional rural banks on Tuesday at Delhi. The meteorological department declared this year as drought year, as the rainfall between June 1 and August 12 was lesser by 29%. The shortage in rainfall resulted in reduction in Kharif -sowing, with rising concerns on hike of food prices.
Although the inflation for the week ended August 1 plunged to a three-decade low, prices of cereals grew 12%, pulses by 18% and fruit and vegetables by 18.4% annually.
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