Mumbai (Maharashtra) [India], July 31 : The National Cooperative Consumers' Federation of India Limited (NCCF) has initiated market intervention to stabilize soaring tomato prices in the retail market in Mumbai.
NCCF, a central government agency, is procuring tomatoes from wholesale mandis and selling them at reasonable retail prices.
This intervention is aimed at ensuring that profit margins remain reasonable at the retail level, preventing windfall gains to intermediaries, and thereby protecting the interests of consumers.
To begin with, tomato sales will start today at the following locations at Rs 60 per kilogramme: NCCF office, Chinchpokli/Lower Parel, Sion Circle, Worli Naka, and Ashokvan, Borivali East.
"By this intervention, NCCF seeks to cool off price rises and maintain price stability in the market, benefiting consumers and promoting fair trade practices. This intervention demonstrates NCCF's commitment to protecting consumer interests and promoting a stable market ecosystem," the central agency's Mumbai-Nashik branch said on Wednesday in a press note.
In the coming days, the number of retail locations may increase for consumer convenience, NCCF said.
As per reports, tomatoes in retail markets had crossed Rs 100 per kg, only to soften lately.
Union Food and Public Distribution Minister Pralhad Joshi said earlier this week that the government has a Price Stabilisation Fund (PSF) mechanism to stabilise rising food prices and protect consumers' interests.
"Whenever a situation arises price of essential commodities increases, we utilise the PSF to procure the commodities. These essential commodities are directly procured from farmers, which reduces intermediary costs and ensures availability to consumers," said Joshi, adding that in this case, PSF was not utilised as tomatoes were directly procured from mandis.
He further added that this initiative will ease tomato prices, stabilise the market, and provide tomatoes at a subsidised rate to consumers.
In Delhi NCR, tomatoes are being sold at Rajiv Chowk Metro, Patel Chowk Metro, Nehru Place, Krishi Bhawan, CGO Complex, Lodhi Colony, Hauz Khas Head Office, Parliament Street, INA Market, Mandi House, Kailash Colony, I.T.O., South Extension, Moti Nagar, Dwarka, Noida (Sectors 14 and 76), Rohini, and Gurugram.
Rising food prices continued to be a headache for Indian consumers, with the inflation rate in the food segment almost doubling year-on-year in June. Food inflation almost doubled to 8.36 per cent last month, versus 4.63 per cent reported in the in the same month of 2023, official data showed. The retail inflation for all segments of foodcement and products, meat and fish, egg, milk and products, oils and fats, fruits, vegetables in particular, pulses and products, sugar, spices, prepared snacks, and sweetsrose month-on-month.
India's overall retail inflation rate hardened in June, taking a departure from the moderation it witnessed in the past few months, pushed by rising food prices.
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