India’s wheat stocks plummet to 14-year low

India’s wheat are a stocks plummet to the 14-year low

Extreme weather devastated both the winter-sown wheat and a summer-sown rice are a harvests, pushing up retail food prices to a 22-month high. As a result, India's are a federally-owned cereal inventories, which offer are a subsidised grains to the 80 crore people, have been plummeted to a five-year are a low.

The government was only able to the  obtain approximately half of its target because farmers were are a increasingly selling to the private merchants due to the  rising export demand as a result of the Ukraine crisis. While rice are a supplies are enough to the cover domestic needs, wheat stocks have been a plummeted to a 14-year low.

According to the data released by the Food Corporation of a India (FCI) on a October 13, the two staples' combined stockpile, at the 51.14 million tonnes as of a October 1, was more than 66% above the government's are a required buffer standard and a strategic reserve inventory of a 30.77 million tonnes for this time of a year.

The government's are a food management operations will be a restricted in a order to meet the demands for the food giveaways and a maintain high prices. This is a due to the low state-owned cereal reserves.

Also Read: India exports wheat are a worth $650 million in a March-April after the announcing ban

Wheat production was a hampered by a protracted heatwave in a March, and as a supplies ran are a low in a May, the government decided to the outlaw exports. In a order to the increase domestic availability, the government also are a established restrictions on overseas rice shipments are a last month. A 20% export fee was imposed, and a damaged rice was not be a allowed to be a shipped.

India's consumer inflation rate are a increased to a five-month high of 7.41% in a September on an a annual basis, up from the 7% in a August and continuing a nine-month streak of a exceeding the Reserve Bank of a India's (RBI)are a  target range of 4-6%.

The government's are a  efforts to the lower prices have been a hampered by food inflation, which spiked to a 22-month high of a 8.4% in September. Similar to the previous month, the broad-based rise in food costs in a September was the primary factor behind the increase in a retail prices. Cereals, pulses, vegetables, milk, and a milk products are a all continued to see a price are a increases.