Sunday, June 26th, 2022

The government has banned the export of wheat with immediate effect in order to control food prices in the domestic market.

The government has banned the export of wheat with immediate effect in order to control food prices in the domestic market. The daily ave rage retail price of wheat has increased 19.34 percent to Rs 29.49 per kg on May 9th. Compared with Rs 24.71 per kg a year ago. Here’s why the government has banned wheat export and whether its prices will come down now. According to the consumer affairs, food & public distribution ministry; the decision to restrict wheat exports will control food prices. It will strengthen the food security of India and countries facing a deficit. And that India remains a reliable supplier as it is honoring all contracts. 

International wheat prices have been going up.  

International wheat prices have been going up. Since the beginning of the Russia-Ukraine war, global wheat prices have so far increased by over 40 percent. Before the war, Ukraine and Russia accounted for a third of global wheat and barley exports. Wheat from other countries was selling as high as USD 420-480 per tonne. The Food Secretary has said retail prices of wheat and wheat flour in India have risen in the past year by up to 19 percent. The government’s decision to ban wheat export is expected to cool down the domestic prices in a week or so. 

The daily average retail price of wheat has increased by 19.34 percent to Rs 29.49 per kg on May 9 compared with Rs 24.71 per kg in the year-ago period. Similarly, retail atta prices have shot up by 14.27 percent to Rs 32.91 per kg from Rs 28.8 per kg in the comparable period. According to a report by news agency PTI quoting Joint Secretary in the Food Ministry Subodh Kumar, the daily average price of wheat rose 21.55 percent to Rs 25.82 per kg on May 9th compared with Rs 21.24 per kg in the year-ago period. While the price rose 15.88 percent to Rs 27.89 per kg from 24.06 per kg in the comparable period.  

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