Wheat, sugar and rice prices fall after government measures: food security

Retail prices of wheat, rice, sugar and edible oils are trending lower after government measures including restricting wheat and sugar exports, the food secretary said on Thursday. Sudhanshu Pandey.

In a context of rising inflation, the government on May 13th banned wheat exports. Subsequently, it capped sugar exports at 10 million tonnes for that year and before that, duties on major edible oils were reduced. In addition, edible oils and oilseeds stock limits are in place to control hoarding.

“After a number of steps we have taken, it is showing its impact despite all the challenges. I am not saying that the challenges suddenly disappeared. They continue to be there. planned because of these interventions,” Pandey told reporters.

The average retail price of wheat flour (atta) fell by 0.30% to 33.4 rupees per kg in a week, while the price of wheat also showed a downward trend and settled to 29.8 rupees per kg on June 1, he said.

“For wheat, the (price) trend is reversing. There was a 0.74% increase in the retail price of wheat 19 days before the wheat export ban. only 0.47% increase in the price of wheat,” Pandey said.

A similar trend was seen in the wholesale price of wheat and wheat flour, he said.

In the case of rice, the secretary said average prices are stable and have actually shown a marginal decline in retail and wholesale markets.

The average price of rice was 36.1 rupees per kg in retail markets while it was 31.40 rupees per kg in wholesale markets on June 1.

In the case of edible oils, he said international prices for soybeans and sunflowers rose more than 35% a year ago, but increased domestic production shielded local prices from the global impact. .

“During the week, edible oil prices are trending lower,” he said.

There was a decline in the average retail price of peanut oil by 0.24% to Rs 186.43 per kg on June 1 over one week, by 0.70% of mustard oil to Rs 183.68 per kg, 0.39% soybean oil at Rs 169.41 per kg and 0.69% Palmolein RBD at Rs 156.4 per kg during the said period.

In the case of sugar too, the average retail price now stands at 41.50 per kg. The price of sugar has fallen by Rs 0.50 per kg over the past month, he added.

Asked when the restrictions on these commodities will be eased, the secretary said: “The situation is extraordinary and the government’s responsibility to consumers is also there. While on the production side we are bringing a lot support to farmers, but on the other side of consumers too, adequate is needed to provide this comfort.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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