Question

what is food inflation

Answer 1

Food inflation is volatile. Agricultural prices tend to fluctuate because demand and supply are both inelastic and supply can vary due to the weather. However, despite the usual volatility, food prices seem to be showing a strong upward movement, reaching record highs in recent years.

Answer 2

Food inflation refers to the condition where by there exist increase in wholesale price index of essential food item (defined as food basket) relative to the general inflation or the consumer price index.
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