Image Credit source: NewsNCR
International prices of coarse cereals fell by 2.1 per cent in May, but prices were 18.1 per cent higher than their prices a year ago.
Wheat prices in international markets amid fears of reduction in production after Russia’s attack on UkraineWheat Price) has been observed to increase. The Food Agency of the United Nations has given this information. The ban imposed on the export of wheat by India in the increase in the price of wheat in the international marketsWheat Exports Ban) has acted as ghee in the fire. Food and Agriculture Organization (Food and Agriculture Organization) The price index averaged 157.4 points in May 2022, which is 0.6 percent lower than April.
However, it remained 22.8 percent higher than May 2021. The FAO monitors monthly changes in international food prices. The FAO Food Price Index averaged 173.4 points in May, up 3.7 points (2.2 per cent) from April 2022 and 39.7 points (29.7 per cent) above the May 2021 price. “International wheat prices increased by 5.6 per cent in May for the fourth consecutive month, an average of 56.2 per cent higher than last year’s prices and only 11 per cent lower than the record increase in March 2008,” the agency said on Friday.
Price hiked due to many reasons
According to the agency, the price of wheat has increased due to many reasons. The first reason is the increased concern about crop conditions in many major exporting countries. Whereas the fear of reduced production in Ukraine due to war is another reason. At the same time, banning the export of wheat by India is the third reason for the rise in prices. Significantly, international coarse cereals prices fell by 2.1 per cent in May, but the prices were 18.1 per cent higher than their prices a year ago.
Exports were banned on May 13
The FAO’s sugar price index declined 1.1 per cent compared to April, mainly due to heavy production in India and likely to increase its availability globally. Let us inform that India had decided to ban the export of wheat on 13 May 2022 as part of measures to control rising prices at the domestic level.
(with language input)
: Language Inputs
“This post is sourced from newspapers, magazines and third-party websites. For more information please check NewsNCR Disclaimer“
.