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Inflation: are we emulating Argentina and Brazil?

In just around a decade, real estate prices have zoomed: in  Chennai, the price of a flat in a multi storeyed building has increased from an average of around Rs 1250/sq.ft to Rs 12,000/sq.ft. Sadly, there is not much effort to look into the why of this and take corrective action.

I  am citing   a couple of instances related to common products – light fixtures and water taps – as examples of the gay abandon in jacking up prices unrelated to costs:

Chinese products dominate the light fixtures market. As in the case of toys and several other products, these seem to have driven out small-scale units from Delhi, Mumbai and elsewhere. The prices are arbitrary with no warranty and they are subjected to the whims and fancies of the trader. Five months ago, such a light fixture with the bulb and fuse system was offered for Rs 520 a piece. In November, this has been increased to Rs 720. The CFL bulb is priced at a whopping Rs 330. When such bulbs are claimed to have long life, a few of these last just a couple of hours and the consumer is not entitled for a free replacement.

Jaquar has earned a reputation for quality pipe fittings. Hardly, three months ago, such a fitting was sold for Rs 720. Today, the price has been jacked up to Rs 950. The material content in such a pipe is only a few grams of steel. There is no explanation for such steep increases effected by the day.  There is simultaneous increase in the price of every component of construction materials -  sand, cement and  steel...

Are we on the path of the Latin American countries, which are in the grip of uncontrolled inflation?

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