The ban imposed by India on wheat exports in May has added fuel to the fire. Due to the ban on India’s wheat exports, the prices of wheat have increased further in the international market.
At present, wheat prices in the international market are only 11 per cent below their record highs of 2008. At the same time, international food prices fell by 2.1 percent in May, but it is 18.1 percent more than a year ago.
The Food and Agriculture Organization of the United Nations says international wheat prices have risen for the fourth month, an average of 56.2 per cent higher than last year’s price and just 11 per cent lower than their March 2008 record high. The FAO Grain Price Index stood at 173.4 points in May, up 3.7 points or 2.2 per cent from April and 29.7 per cent higher than 39.7 points in May 2021. PLC/GT
