The initial evidence based on a truncated set (covering state capitals) during Apr-Jun 2024 summer season points towards a moderate impact so far vis-a-vis expectation of severe impact.

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May 13, 2024

QuantEco Research || QuantEco Shots - || Early evidence shows moderate impact of heatwaves

In the absence of widespread prevalence of heat waves across the country so far, the impact on food prices appears to be limited as of yet. Daily mandi price data for volatile vegetable items like Tomato, Onion, and Potato (also referred to as TOP – has a cumulative weight of 2.2% in the CPI basket) shows limited impact so far. While Potatoes are showing higher buildup of price pressure, price of Tomatoes and Onions do not depict any evidence of abnormality in behaviour.