The Economic Survey has unravelled the Goosebumps for Odisha citizens, even when the rate of inflation in the State in January 2022 was around 4 percent. The shocker news for the common man on the streets is the State has witnessed the highest rate of inflation in certain essential commodities. The risk of further deterioration looms large given the prevailing geopolitical scenario on the world stage.
As per the Survey tabled today in the State Assembly, between January 2021 and Jan 2022, the prices of edible cooking oils and vanspatis have risen by a whopping 24.9 percent, which is the highest in the country.
The report points out that the rate of price rise during the aforementioned period in nineteen major states have been 19 percent, whereas the rate of rise in the neighbouring states like Chhattisgarh, West Bengal, Andhra Pradesh and Jharkhand have been around 19.7 percent.
Survey Hint On Power Tariff
The Economic Survey has further stated that when it comes to fuel and light (means electricity), the rate of inflation has also been the highest in the country.
As per the Survey, when the price rise in the two important commodities - Fuel (petro/Diesel/LPG) and Light (means electricity tariff) - between Jan 2021 and Jan 2022 has been a massive 14.5 percent in Odisha, the rate of increase has been only 9 percent in the 19 major states and around 12.5 percent in the neighbouring states of Odisha.
As a consequence, the rate of inflation between Jan 2021 and Jan 2022 in the commodities of transport and communication has also been highest at 9.9 percent in Odisha. (see the table given above)
On the contrary, the rate of price rise in the 19 major states has been only 8.8 percent. The neighbouring states of Chhattisgarh, West Bengal, Andhra Pradesh and Jharkhand have exhibited the same growth rate of 8.8 percent.
The above data in Eco Survey clearly shows how Odisha is highly vulnerable to the ongoing conflict between Russia and Ukraine.
The Big Reason
As per the price monitoring cell of the Union Government, after a few weeks of the Ukraine war, the average retail prices of these oils have shot up alarmingly in the country.
- Soyabean oil - 8 percent
- Sunflower oil - 12.5 percent
- Palm oil - 14.4 percent
Moreover, even as the OERC has spared the denizens of Odisha by not effecting any rise in the power tariff as demanded by the power distributing and generation companies, the fuel prices have been up by over Rs 4 per litre in the last one week.