Abstract
Abstract India did not experience food price spikes during 2007–8 when global prices erupted, partly due to a ban on exports of wheat and common rice. The fiscal stimulus in 2009 to avert economic recession, coupled with one of the worst droughts, led to rising food prices. The nature of food price inflation, however, changed from being cereals-led to high-value products (fruits and vegetables, and protein foods). While food inflation invited severe political protests, the situation did not escalate to any riots or violence. Government has been trying hard to cool down food prices by reining-in fiscal deficit, tightening monetary policy, releasing more grains from public stocks, and distributing subsidized grains through the public distribution system to targeted population. Yet it has not quite succeeded in containing a high level of food inflation, causing concern given the large number of people below the poverty line in India.
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