Increased tomato and onion prices hurt Indian fashion retailers’ sales :-
Concerns about the health of consumer spending, which had already been declining even before the dramatic increases in food prices, are being stoked by the pain suffered by India’s clothes and shoe retail sector. Which Euromonitor International estimates would be worth $62 billion in 2022. India’s malls and high streets are experiencing a downturn. In foot traffic and sales and many retailers are offering steeper-than-usual discounts for longer-than-usual durations. Since June, tomato prices have increased dramatically, at one point nearly tripling, while those for onions, another ingredient in Indian cuisine, have increased by as much as 80% in some places like New Delhi. Stunning 11.5 percent food inflation in July, up from 4.6 percent in June and a three-year high.
