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According to RBI, lack of rain can cause an increase in the prices of the essential commodities.
"The erratic monsoon may put pressure on inflation and could increase the prices," RBI Deputy Governor K.C. Chakrabarty told the reporters.
He has added that the farmers’ loans will not be rescheduled as of now and it could be taken up next year.
Planning Commission Deputy Chairman Montek Singh Ahluwalia had told that India need not worry about drought as there are enough food stocks to counter inflationary pressures.
According to official data, the pulses have seen a 18% increase in its prices this week, while whereas the prices of cereals have gone up by 12%. The prices of vegetables and fruits have also increased by 18%.
