CRISIL Report: Price of Veg Thali Falls While Non-Veg Thali Rises in February 2025

CRISIL’s Roti-Rice-Rate report shows that the price of a simple home-made home-cooked vegetarian thali reduced by 1% y-o-y in February 2025. Meanwhile, the cost of a

non-vegetarian thali surged by nearly 6%. This was attributed to the reduction in LPG and tomato prices and the rising costs of broiler chickens.

Comprehensive Cost Breakdown: Veg Thali

CRISIL reported a 28% YoY drop in tomato prices in February 2025, which fell from ₹32/kg to ₹28/kg. This was attributed to a 20% growth in its market supply. The report also stated that an 11% YoY decline in LPG prices from ₹903 to ₹803 has made vegetarian thalis comparatively cheaper.

On a month-on-month basis, the cost of vegetarian thalis reduced by 5% in February. However, a major decline was limited by the rising retail prices of other ingredients like vegetable oils (18%), potatoes (16%), and onions (11%). The release of CPI numbers by the RBI on March 12, 2025, is further expected to shed light on the report’s contents. 

Comprehensive Cost Breakdown: Non-Veg Thali

In February 2025, maize prices surged by 6% year-on-year, which adversely impacted the prices for broiler chickens’ feed. This led to a 15% YoY growth in prices of broiler chicken, which constitutes nearly 50% of the non-vegetarian thali’s cost. However, much like the veg thali, the price of a simple non-veg thali also fell by 5% in February 2025. 

Rough CPI Estimates

As per a Union Bank of India report, the Consumer Price Index (CPI) likely slowed from 4.31% in January 2025 to 3.94% in February 2025. Food inflation is estimated to have reduced to less than 5%, driven by lowering vegetable prices. This is bringing relief for average middle class consumers. 

Conclusion

The anticipated reduction in food inflation indicates an easing in macroeconomic conditions that is bringing some relief for middle-class consumers. With the release of revised CPI numbers by the Central Statistical Office and the RBI on March 12, consumers will get a better picture of food costs. This development will also impact the stocks of major food and beverage companies. 

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