Food Inflation Rose for the Second Week on the Trot

Hello Friends here we come up with the Latest Agri Commodities updates from various parts of the country.

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Food Inflation Rises for the Second Week

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Food inflation rises for the second week

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Annual food inflation rose for the second week on the trot, affirming RBI’s fears of a spill over into other commodities and services and mounting pressure on the government to take more measures to arrest prices.

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Annual inflation in food articles rose to 17.56 per cent for the week ended January 23 from 17.4 per cent in the previous week, partly due to a poor harvest after the worst monsoon in nearly three decades, according to data released by the commerce ministry on Thursday.

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While prices of wheat, pulses and vegetables have increased, cereals and rice have become cheaper.

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Fuel price inflation, in tandem with global oil prices, increased to 5.88 per cent from 5.7 per cent in the previous week, spurred by a spike in light diesel oil and furnace oil prices.

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The wider inflation, as measured by the wholesale price index (WPI), has already risen to 7.31 per cent for December, forcing RBI to raise its forecast to 8.5 per cent for the fiscal year-end.

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🙂

In Other major Commodities Update, there is a news of Centre approving the largest quantity of wheat under its open market sale scheme (OMSS) for bulk buyers to consumers in the North zone and India’s corn exports could drop by 60 %in the year.

🙂

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Nod for salve of 4.4 Lt wheat in North:

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The Centre has approved the largest quantity of wheat amounting to 4.43 lakh tonne under its open market sale scheme (OMSS) for bulk buyers to consumers in the North zone.

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Sources said, for bulk consumers in South zone around 2,01,000 tonne of wheat has been approved by the government for sale from Food Corporation of India (FCI) godowns till now.

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While for East zone, largely comprising of states like West Bengal, Orrisa and Bihar, around 63,900 tonne of wheat has been approved.

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Almost 1,07,000 tonne of wheat has been approved for sale in West zone of the country and 9,500 tonne has been approved for North-Eastern states.

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Of the 8.4 lakh tonne of wheat, approved in total, almost 77% amounting to around 6.36 lakh tonne has been lifted by bulk consumers till Wednesday.

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🙂

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Corn exports likely to decline 60% this year:

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India’s corn exports could drop by 60 % in the year to September due to a poor domestic crop, quality issues, lower global prices and good crop prospects overseas, traders and industry officials said on Thursday.

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Likely exports are between 1.0-1.3 million tonne due to late harvests because of the drought and rising domestic demand, Amit Sachdev, India representative of the US Grains Council said.

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🙂

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