At 19.95%, Food Prices at 10-yr High

Hello Friends here we come up with the Latest Agri Commodities updates across the globe.

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At 19.95%, food prices at 10-yr high

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At 19.95%, food prices at 10-yr high

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“Save people from price rise” cry got louder with a parliamentary panel asking the Manmohan Singh government to act on speculative trading and hoarding of commodities.

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He was also asked by panel to end the diversion of agriculture land for manufacturing,  as food prices rose to a decade-high of 19.95% for the week ended December 5.

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Prices, mainly that of food articles, are zooming because of a fall in production due to the worst monsoon in about three decades.

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The supply shortfall is getting amplified, with traders pushing up prices with cheap money, as central banks, including India’s, are keeping policy rates at record lows to prevent economies from falling into depression.

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Potato prices more than doubled in the week ended December 5 from a year earlier, vegetable prices climbed 41.09%, pulses price rose 40.1% and wheat advanced 13.9%, the government data showed.

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🙂

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In Other major Commodities Updates, Sugar output in India has declined owing to drought in India.

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Drought lowers sugar production by 9.6% :

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Sugar output in India, the biggest grower after Brazil, fell 9.6% in the first two months of the season that began 1 October, said an official at the Indian Sugar Mills Association.

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Mills produced 1.7 million tones (mt), down from 1.88mt a year ago, as drought hurt the cane crop and a price dispute delayed crushing, the official said.

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He didn’t want to be identified as the information was not public.

Mills reported lower sugar recovery than a year earlier, he said.

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Separately, the government has asked states to help lift stocks of imported sugar, which have filled up warehouses, junior farm minister K.V. Thomas said on Thursday.

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