Milk on the boil

It is unfortunate that milk prices are surging yet again just when food inflation led by vegetables seems to be receding. Milk has the largest share of household food spend in urban India and is next only to cereals in rural areas. Given this, a ₹2/litre price increase in cities such as Delhi and Mumbai — which caps a total of around 18 per cent over the last year — is hardly going to anchor inflation expectations. What is also striking about the latest hike is the timing.

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