These 5 corps are not allowing inflation in India to ease, says ex-RBI official
1 year, 8 months ago

These 5 corps are not allowing inflation in India to ease, says ex-RBI official

Live Mint  

Inflation in India: India’s biggest conglomerates, which wield immense pricing power in the retail, resources and telecommunication sectors, are contributing to elevated inflation and should be broken up, a former central banker said. The “Big 5” consisting of Reliance Group, Tata Group, Aditya Birla Group, Adani Group and Bharti Telecom have grown at the expense of smaller local firms, said Viral Acharya who was Reserve Bank of India deputy governor between 2017 and 2019. “Creating national champions, which is considered by many as the industrial policy of ‘new India,’ appears to be feeding directly into keeping prices at a high level,” said Acharya, who is a professor of economics at New York University Stern School. “The rising concentration of corporate power risks making inflation even more persistent and creating a vulnerability on external sector front given India’s outsized fiscal and cyclically sensitive current account deficits,” he said.

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History of this topic

The inflation targeting regime shouldn’t constrain Indian manufacturing
10 hours, 3 minutes ago

The inflation targeting regime shouldn’t constrain Indian manufacturing

Live Mint  

The recently concluded Monetary Policy Review reiterated the concern of high CPI inflation and recommended keeping the repo rate unchanged. The low WPI inflation rate in recent years therefore hides behind it low—and often negative—inflation in investment goods and key intermediate inputs originating from the manufacturing sector. One of the contributing factors to the last cycle of high non-performing assets …

Price stability crucial for India’s economic growth, says RBI
4 days, 3 hours ago

Price stability crucial for India’s economic growth, says RBI

Live Mint  

The foundations for high growth in the Indian economy can be achieved through durable price stability, the monetary policy committee of the Reserve Bank of India said. "The MPC emphasises that strong foundations for high growth can be secured only with durable price stability," the minutes of the Monetary Policy Committee meeting held in December said. "The MPC also decided …

DC Edit | FM, new RBI chief signal cut
1 week, 4 days ago

DC Edit | FM, new RBI chief signal cut

Deccan Chronicle  

Finance minister Nirmala Sitharaman’s statement that inflation is a major challenge faced by countries around the world and that no country can solve it alone appears to have set an agenda for new RBI governor Sanjay Malhotra, who took charge a few hours before she made this statement. During the tenure of Shaktikanta Das, the RBI remained squarely focused on …

Retail inflation slows slightly at 5.48%
1 week, 5 days ago

Retail inflation slows slightly at 5.48%

Hindustan Times  

Retail inflation rose to 5.48% last month, a slower pace of increase compared to 6.21% in October, data from the Ministry of Statistics and Programme Implementation showed on Thursday. Despite the slowing pace of growth in prices, the Consumer Price Index-based rate of retail inflation stayed above the Reserve Bank of India’s 4% tolerance level, with two percentage points of …

Retail inflation eases to 5.48% in November from above 6% in October
1 week, 5 days ago

Retail inflation eases to 5.48% in November from above 6% in October

India Today  

India's retail inflation cooled to 5.48% in November, slipping below the Reserve Bank of India’s upper tolerance band of 6% after breaching it in October. "High inflation reduces the disposable income in the hands of consumers," Das noted, adding that food inflation could stay elevated through the third quarter of FY25 before easing. Expected revisions could lower food’s weightage by …

Inflation likely eased to 5.5% in November: Mint poll
1 week, 6 days ago

Inflation likely eased to 5.5% in November: Mint poll

Live Mint  

India’s retail inflation is expected to have eased to 5.5% in November from 6.2% the previous month, driven by a seasonal decline in vegetable prices, according to a Mint poll of 16 economists. Even if inflation moderated in November, it would still have exceeded the Reserve Bank of India's medium-term target of 4% in all but two months since September …

DC Edit | Will RBI tweak inflation focus?
1 week, 6 days ago

DC Edit | Will RBI tweak inflation focus?

Deccan Chronicle  

The appointment of Sanjay Malhotra as the new RBI governor continues the long-standing tradition of IAS officers heading the Central bank, a quasi-autonomous body that decides the country’s monetary policy. Mr Malhotra took over the charge of RBI from Shaktikanta Das — the second longest serving governor after Sir Benegal Rama Rau’s stint of seven years and 197 days — …

​Staying the course: On the RBI and inflation
Trending News
2 weeks, 3 days ago

​Staying the course: On the RBI and inflation

The Hindu  

The Reserve Bank of India’s Monetary Policy Committee, in its latest bi-monthly review, has decided to maintain status quo on the benchmark interest rate of 6.50% for the eleventh consecutive time. India’s retail inflation, after trending below the median 4% target, for the first time in five years, for two months, spiked over September and October, with food prices leading …

RBI must restore balance between inflation, growth
2 weeks, 4 days ago

RBI must restore balance between inflation, growth

New Indian Express  

Despite the disappointing slump in economic growth, the RBI on Friday left the benchmark policy repo rate unchanged at 6.5 percent amid inflationary pressures. Maintaining a firm stance on inflation control, Governor Shaktikanta Das stressed that the central bank needed “more credible evidence” on the disinflationary process, which he said was getting prolonged and arduous. As Das rightly noted, there …

RBI keeps key lending rate unchanged at 6.5%, focus remains on tackling inflation
2 weeks, 4 days ago

RBI keeps key lending rate unchanged at 6.5%, focus remains on tackling inflation

India Today  

The Reserve Bank of India's Monetary Policy Committee has decided to maintain the status quo on key interest rates for the 11th consecutive time. Consequently, the standing deposit facility stands at 6.25%, and the marginal standing facility and the bank rate at 6.75%," announced RBI Governor Shaktikanta Das during the policy statement. "Tackling inflation is critical because high inflation reduces …

RBI must restore balance between inflation, growth
2 weeks, 4 days ago

RBI must restore balance between inflation, growth

New Indian Express  

Despite the disappointing slump in economic growth, the RBI on Friday left the benchmark policy repo rate unchanged at 6.5 percent amid inflationary pressures. Maintaining a firm stance on inflation control, Governor Shaktikanta Das stressed that the central bank needed “more credible evidence” on the disinflationary process, which he said was getting prolonged and arduous. As Das rightly noted, there …

Monetary policy review: RBI should stick to its price stability mandate
2 weeks, 6 days ago

Monetary policy review: RBI should stick to its price stability mandate

Live Mint  

One of the lingering effects of covid—‘long covid’—is that economic growth has begun to look a bit like the Sensex, albeit in slow motion. So, last fiscal year’s growth looked rosy in large part because growth in 2022-23 had flagged since 2021-22, when it was 9.7% but on a covid-shrunken GDP base of 2020-21. As the US Fed and major …

Is MPC doing enough on inflation? Consumers are divided
3 weeks ago

Is MPC doing enough on inflation? Consumers are divided

Live Mint  

Mumbai: For the past 30 months, the Reserve Bank of India’s monetary policy committee has been fighting hard to bring inflation within its medium-term target of 4%. Nearly half of the total respondents surveyed favoured lower inflation and higher interest rates, and only 22% support the reverse. Governor Shaktikanta Das has repeatedly warned since the last policy that cutting rates …

Unchecked 'sticker shock' from inflation can hurt manufacturing and economy, RBI says
1 month ago

Unchecked 'sticker shock' from inflation can hurt manufacturing and economy, RBI says

Hindustan Times  

The Reserve Bank of India said if inflation is allowed to run unchecked, it can undermine the prospects of India's economy, especially for industry and exports. The Reserve Bank of India seal is pictured on a gate outside the RBI headquarters in Mumbai, India, February 2, 2016 This comes after the headline consumer price index inflation rose above the upper …

India’s central bank should adhere to its inflation-targeting mandate
Trending News
1 month ago

India’s central bank should adhere to its inflation-targeting mandate

Live Mint  

Less than four years after the government concluded its review of India’s inflation-targeting regime in April 2021 and opted to keep both its target and nitty-gritty—its target range, indicator, etc—unchanged, its view of inflation targeting seems to be shifting. After commerce and industry minister Piyush Goyal and then finance minister Nirmala Sitharaman called for lower interest rates, on Tuesday chief …

India trade minister says central bank should cut rates, look through food prices
1 month, 1 week ago

India trade minister says central bank should cut rates, look through food prices

Live Mint  

MUMBAI, Nov 14 - India's central bank should cut interest rates to boost economic growth and look through food price while deciding on monetary policy, the trade minister said, the first time a government minister has backed calls to re-examine the nation's inflation targeting framework. Growth needs a further impetus," Piyush Goyal told news channel CNBC TV18 at an event …

India’s 14-month high retail inflation fades hope of December rate cut
Trending News
1 month, 1 week ago

India’s 14-month high retail inflation fades hope of December rate cut

Live Mint  

New Delhi: India’s retail inflation accelerated in October to its highest in over a year largely due to heated food prices, tempering expectations of a rate cut when the central bank’s monetary policy panel meets early next month. India’s retail inflation also breached the Reserve Bank of India’s medium-term target of 2-6% for the first time in over a year—which, …

No relief for Indians, as inflation rise further to 5.81% in October because of food price surge
1 month, 1 week ago

No relief for Indians, as inflation rise further to 5.81% in October because of food price surge

Live Mint  

Consumer price inflation in India climbed to a 14-month high of 5.81% in October primarily due to a spike in vegetable and edible oil prices, a Reuters poll of economists predicted, a shade below the central bank's tolerance threshold of 6.0%. Annual retail inflation as measured by the consumer price index likely rose a second straight month to 5.81% in …

India's Economy Shows Satisfactory Performance in First Half of FY25, But Risks from Geopolitical Conflicts and Global Factors
1 month, 3 weeks ago

India's Economy Shows Satisfactory Performance in First Half of FY25, But Risks from Geopolitical Conflicts and Global Factors

Hindustan Times  

India's economy performed satisfactorily in the first half of the current financial year, according to the finance ministry's monthly economic report released Monday. However, the ministry warned of potential disruptions from geopolitical conflicts, rising geo-economic fragmentation and elevated valuations in financial markets of some advanced economies.

India's Robust Economy Maintains Stability, Sets New Fiscal Deficit Target
2 months ago

India's Robust Economy Maintains Stability, Sets New Fiscal Deficit Target

Hindustan Times  

India successfully kept inflation within manageable limits, achieving the lowest point in its fiscal deficit glide path in the next financial year. The country's robust macroeconomic fundamentals, coupled with strategic focus on strengthening ties with nations that share strategic coherence, played a crucial role in maintaining price stability despite global economic challenges. The focus on debt management and fiscal consolidation …

Inflation control: India doing better than advanced economies like US and Germany, says SBI report
3 months, 1 week ago

Inflation control: India doing better than advanced economies like US and Germany, says SBI report

Live Mint  

India has shown a largely successful inflation-targeting regime compared to advanced economies like the United States and Germany, reported ANI, quoting a State Bank of India research report. “India had a largely successful inflation targeting regime, compared to advanced economies like the USA and Germany,” as per the report. The SBI report cited government initiatives, Reserve Bank of India measures, …

Avoid haste on shift to core CPI
3 months, 3 weeks ago

Avoid haste on shift to core CPI

Hindustan Times  

Should India’s inflation targeting framework target the headline Consumer Price Index or just its core, namely, the non-food non-fuel part? REUTERS/Francis Mascarenhas/File Photo Inflation targeting, at a theoretical level, is supposed to use interest rates to maintain a healthy balance between inflation and growth. Because inflation targeting is a forward-looking exercise — higher interest rates today are expected to contain …

‘Abandoning RBI’s inflation target regime could be risky, counterproductive’
4 months ago

‘Abandoning RBI’s inflation target regime could be risky, counterproductive’

The Hindu  

The Reserve Bank of India's inflation targeting regime has worked well and need not be abandoned in favour of a more discretionary regime that could be risky and counterproductive, a new research paper has said. The paper titled 'Inflation Targeting In India: A Further Assessment' said the weight of food-price inflation in the CPI inflation basket should be reduced to …

Can the Reserve Bank of India rein in food inflation?
4 months, 1 week ago

Can the Reserve Bank of India rein in food inflation?

Hindustan Times  

On August 8, the Reserve Bank of India announced that it had kept the benchmark interest rate unchanged at 6.5% after the end of its monetary policy meeting — it marked the ninth straight meeting of the central bank in which it held rates at the same level. The paper - co-written by deputy governor Michael Debabrata Patra - cautioned …

RBI MPC 2024: RBI can’t ignore food inflation while framing monetary policy: RBI Governor Shaktikanta Das
4 months, 2 weeks ago

RBI MPC 2024: RBI can’t ignore food inflation while framing monetary policy: RBI Governor Shaktikanta Das

The Hindu  

Reserve Bank of India Governor Shaktikanta Das on Thursday said that the central bank can not ignore food inflation while formulating monetary policy. Mr Das said with “high share of food in the consumption basket, food inflation pressures cannot be ignored.” Further, the public at large understands inflation more in terms of food inflation than the other components of headline …

Core inflation at four-year low in FY24: Economic Survey
5 months ago

Core inflation at four-year low in FY24: Economic Survey

Hindustan Times  

The government’s prudent monetary policy response and calibrated trade policy measures, coupled with strong output growth helped reduce core inflation to a four-year low in FY24, according to the 2023-24 Economic Survey Union finance minister Nirmala Sitharaman tabled in Parliament on Monday. The survey, which was presented a day before the first Union Budget of the third Narendra Modi-led central …

India’s retail inflation eases to 12-month low of 4.75 per cent in May
6 months, 1 week ago

India’s retail inflation eases to 12-month low of 4.75 per cent in May

India TV News  

Retail inflation: Retail inflation eased to a 12-month low of 4.75 per cent in May as prices of some kitchen items declined marginally, according to government data released on Wednesday. The Consumer Price Index based retail inflation was 4.83 per cent in April 2024 and 4.31 per cent in May 2023. Inflation in the food basket was 8.69 per cent …

RBI monetary policy: MPC keeps FY25 inflation forecast unchanged at 4.5%
6 months, 2 weeks ago

RBI monetary policy: MPC keeps FY25 inflation forecast unchanged at 4.5%

Live Mint  

RBI MPC Announcement: The Reserve Bank of India maintained its 4.5% inflation projection for 2024–2025 with Q1 at 4.9%, Q2 at 3.8%, Q3 at 4.6% and Q4 at 4.5%. {{^adFree}} {{/adFree}} Das stated that CPI headline inflation softened further in March and April, but that persistent food inflation pressures outweighed the benefits from code disinflation and fuel deflation. With growth …

DC Edit | Cautious RBI targets inflation
8 months, 2 weeks ago

DC Edit | Cautious RBI targets inflation

Deccan Chronicle  

The Reserve Bank of India-led Monetary Policy Committee has once again kept the policy repo rate unchanged at 6.5 per cent. Retail inflation hovered around 5.1 per cent during January and February 2024, which is a marginal decline from 5.7 per cent in December 2023. Food inflation — which is the most important focus area for the world’s populous country …

Inflation still at 5.1%, but food prices rise
9 months, 1 week ago

Inflation still at 5.1%, but food prices rise

The Hindu  

India’s retail inflation remained virtually unchanged at 5.09% in February, even as food prices paid by consumers resurged from 8.3% in January to 8.66% spurred primarily by vegetables, which rose at a seven-month high pace of 30.25%. Inflation measured by the Consumer Food Price Index accelerated from 9% in January to 9.2% for urban residents, while rural India experienced an …

Need to be vigilant on inflation front: MPC minutes
10 months ago

Need to be vigilant on inflation front: MPC minutes

New Indian Express  

NEW DELHI: A majority of members of the monetary policy committee of the Reserve Bank of India remained focused on risk of inflation in future and favoured status quo on rate cut. Five out of six members of the MPC voted to keep policy rates unchanged due to uncertainty in inflation over food prices, as per the Minutes of MPC. …

Central bank work on lowering prices in delicate balance
10 months ago

Central bank work on lowering prices in delicate balance

New Indian Express  

The Reserve Bank of India appears to be in its final leg of bringing inflation to heel. Though headline inflation is showing steady signs of easing, the central bank’s six-member Monetary Policy Committee is steadfast on retaining repo rate at 6.5 percent as any “premature move may undermine the success achieved so far”. As we navigate the ‘last mile’ of …

Retail inflation is stable now, asserts Finance Minister Nirmala Sitharaman
1 year ago

Retail inflation is stable now, asserts Finance Minister Nirmala Sitharaman

The Hindu  

December 11, 2023 02:14 pm | Updated 04:17 pm IST - NEW DELHI The country’s consumer price inflation is now “stable” and within the official tolerance band of 2% and 6%, Finance Minister Nirmala Sitharaman conveyed to the Lok Sabha on Monday, attributing the weakening price rise pressures largely to a steady drop in core inflation. The core inflation has …

Inflation preview: India’s CPI expected to be around 4.6-4.9% in October
1 year, 1 month ago

Inflation preview: India’s CPI expected to be around 4.6-4.9% in October

Live Mint  

Thanks to easing food inflation, India's October retail inflation, or consumer price index -based inflation, is expected to come in the range of 4.6-4.9 per cent. According to a Mint poll of 17 economists, India’s retail inflation likely cooled to 4.8 per cent in October from 5 per cent in September. Rahul Bajoria, MD & Head of EM Asia Economics, …

Growth getting stronger foothold, inflation coming under control, says RBI Governor Shaktikanta Das
1 year, 1 month ago

Growth getting stronger foothold, inflation coming under control, says RBI Governor Shaktikanta Das

The Hindu  

Reserve Bank Governor Shaktikanta Das on November 9 said economic growth in India is getting stronger foothold while inflation is also coming under control driven by the inherent dynamism and a prudent policy mix. Driven by its inherent dynamism and supported by a prudent policy mix, growth is getting stronger foothold while inflation is also coming under control," the governor …

RBI forecasts retail inflation at 5.4% for 2023-24: Governor Das
1 year, 2 months ago

RBI forecasts retail inflation at 5.4% for 2023-24: Governor Das

Hindustan Times  

The Reserve Bank of India on Friday its retail inflation forecast unchanged and sees it averaging 5.4 per cent in the financial year 2023-24. The Reserve Bank of India its retail inflation forecast unchanged at 5.4 per cent in the financial year 2023-24. Announcing the bi-monthly monetary policy on Friday, RBI governor Shaktikanta Das said the Monetary Policy Committee unanimously …

RBI MPC Meet Next Week: The Dilemma Between Growth and Inflation
1 year, 2 months ago

RBI MPC Meet Next Week: The Dilemma Between Growth and Inflation

News 18  

Written By Srikanth Subramanian: The RBI MPC is set to come out with its interest rate decision on October 6. Inflation in August remained beyond the RBI’s upper tolerance limit at 6.83 per cent, but significantly lower than its peak of 7.44 per cent in July. Core CPI, excluding food and fuel items, remained largely unchanged at 4.8 per cent …

Retail inflation eases; food prices still bite
1 year, 3 months ago

Retail inflation eases; food prices still bite

The Hindu  

India’s retail inflation eased slightly to 6.83% in August, from the 15-month high of 7.44% in July, but the rise in food prices remained elevated at around 10% and rural consumers continued to face over 7% inflation. Inflation in cereals moderated marginally from around 13% in July to 11.85% in August but pulses prices maintained their pace, rising 13% again, …

ECONOMIC PERSPECTIVES | Why India is unable to curb inflation
1 year, 3 months ago

ECONOMIC PERSPECTIVES | Why India is unable to curb inflation

The Hindu  

Published : Sep 07, 2023 11:00 IST - 6 MINS READ Even as the Indian government celebrates the high growth rates that the increases in official GDP figures signal, it is haunted by the spectre of inflation. Wheat prices at the consumer level, which were falling relative to the previous year in the months preceding October 2021, started to rise …

DC Edit | Govt's multi-pronged policy might work against inflation
1 year, 4 months ago

DC Edit | Govt's multi-pronged policy might work against inflation

Deccan Chronicle  

India is not immune to the inflationary winds blowing across the world. Swiftly, government insiders unveiled discussions about a substantial plan, totalling Rs 1 lakh crore, to quell the upswing in July’s inflation. This move would mark a second consecutive year of such manoeuvres, harking back to the Rs 2.1 lakh crores initiative unveiled last year to mitigate costs for …

Modi Government Bats on Front Foot to Combat Rising Inflation in India - News18
1 year, 4 months ago

Modi Government Bats on Front Foot to Combat Rising Inflation in India - News18

News 18  

Inflation is a global concern and quite a big one at that. The figures breached the upper end of the RBI’s inflation band of 2 to 6 per cent for the first time in five months. RBI NOT JUMPING THE GUN YET Around the world, the Central banks of various countries were rather immediate in rolling out interest rate hikes …

Cooling core inflation fails to cheer amid supply flux
1 year, 4 months ago

Cooling core inflation fails to cheer amid supply flux

Live Mint  

A declining core inflation, amid a 15-month high retail inflation, gives no reprieve to the Reserve Bank of India, which recently called for supply-side interventions to cushion food price shocks. They said that while a decline in core inflation is positive, high headline numbers have anyway dashed rate cut hopes in FY24. “We think core inflation is likely to remain …

RBI monetary policy: Shaktikanta Das-led MPC keeps repo rate steady at 6.50%
1 year, 4 months ago

RBI monetary policy: Shaktikanta Das-led MPC keeps repo rate steady at 6.50%

Live Mint  

RBI monetary policy meeting: In a bid to keep the uptrend in micro and macro economic growth in India, Shaktikanta Das led monetary policy committee unanimously decided to keep the repo rate unchanged at 6.50 per cent for third straight meeting in a row. Announcing about the RBI policy committee meeting outcome, RBI Governor Shaktikanta Das said, “The monetary policy …

Food inflation to drive up India’s CPI to 6.2% in Sep quarter: Morgan Stanley
1 year, 4 months ago

Food inflation to drive up India’s CPI to 6.2% in Sep quarter: Morgan Stanley

Live Mint  

New Delhi: Morgan Stanley on Tuesday said it expects India's retail inflation to leap to 6.2% at the end of the quarter ended September, against its previous forecast of 5.5%, due to higher food inflation. The investment banking and financial services major said that despite its core inflation forecast for India remaining unchanged, it maintains the base case of a …

Path to inclusive growth must be paved by price stability: RBI officials
1 year, 6 months ago

Path to inclusive growth must be paved by price stability: RBI officials

The Hindu  

Taming inflation and anchoring inflation expectations is key to helping revive consumer spending and private capital expenditure and thereby supporting growth, RBI officials wrote in an article in the monthly bulletin released on Friday. This, in turn, is moderating corporate sales and holding back private investment in capacity creation.,” the officials including Deputy Governor Michael Debabrata Patra wrote in ‘State …

RBI holds rates, vows to keep price stability
1 year, 6 months ago

RBI holds rates, vows to keep price stability

The Hindu  

The Monetary Policy Committee of the Reserve Bank of India, on the basis of an assessment of the current and evolving macroeconomic situation, on June 8 decided to keep the policy repo rate under the liquidity adjustment facility unchanged at 6.50% The standing deposit facility rate remains unchanged at 6.25% and the marginal standing facility rate and the Bank Rate …

RBI holds rates but signals tight monetary policy ahead
1 year, 6 months ago

RBI holds rates but signals tight monetary policy ahead

Hindustan Times  

India's central bank kept its key lending rate steady for a second straight policy meeting on Thursday, as widely expected, but signalled that monetary conditions will remain tight for some time as it looks to further curb inflationary pressures. The RBI maintained its policy stance of "withdrawal of accommodation" to ensure inflation progressively aligns with the committee's target while remaining …

Inflation has moderated, but no room for complacency: RBI chief Shaktikanta Das
1 year, 7 months ago

Inflation has moderated, but no room for complacency: RBI chief Shaktikanta Das

India Today  

India's inflation has moderated, but the central bank cannot be complacent towards easing price pressures yet as potential weather-related uncertainties linger, the governor of the Reserve Bank of India said on Wednesday. "The war on inflation is not over; we have to remain alert," Shaktikanta Das said at an event in New Delhi. This month's retail inflation data, scheduled to …

Inflation Momentum Softer Than Anticipated: RBI's State Of The Economy Report
1 year, 7 months ago

Inflation Momentum Softer Than Anticipated: RBI's State Of The Economy Report

ABP News  

The Reserve Bank of India’s State of the Economy report on Monday said that consumer price index-based inflation, which dropped below 5 per cent in April, for the first time since November 2021, demonstrated the central bank’s monetary policy decision. “The CPI inflation print for April 2023 indicates that momentum is turning out to be softer than anticipated on account …

Inflation is dipping, but RBI may not slash rates
1 year, 7 months ago

Inflation is dipping, but RBI may not slash rates

Hindustan Times  

The latest retail inflation print showed the consumer price index slowing to 4.7% year-on-year in April, well within the Reserve Bank of India ’s target band of 2%-6%. While the near-term trajectory of inflation is downward, the medium-term path is unclear as the risk of a disruptive El Niño could put pressure on food prices towards the end of 2023. …

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