Rice price jumps to 12 year high in July wheat and vegetable oils also up
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India had banned the export of non-basmati white rice last month. The share of non-basmati white rice in the total rice exported from the country is about 25 percent. Apart from India, Thailand, Vietnam, Cambodia and Pakistan are the major exporters of rice. China, Philippines, Benin, Senegal, Nigeria and Malaysia are major rice importing countries. There was a stir in America due to the ban on Indian rice. A large number of people of Indian origin live there and on hearing the news of the ban, they thronged the shops to stock up.
price of wheat and edible oil
While India imposed a ban on the export of rice, Russia backed out of a deal to provide safe passage to ships carrying grain from Ukrainian ports. Due to this, the price of food items increased in July. According to FAO, the food price index increased by 1.3 percent in July as compared to June. Although it is 12 percent less than in July last year, Russia’s decision has caused a jump in the prices of cereals and sunflower oil. The price of vegetable oil has increased by 12 percent. Ukraine has a 46% share in the export of sunflower oil in the world. Fears of reduction in production of palm and soybean oil also pushed up the prices.
FAO’s Wheat Price Index also increased by 1.6 percent in July. It has accelerated for the first time in nine months. The price of wheat has increased due to the Russian attack on the ports of Ukraine. In India too, the government is considering a cut in import duty to curb wheat prices. In February 2022, the international price of wheat reached an all-time high. This happened because of Russia’s attack on Ukraine. Both these countries are major suppliers of wheat in the world.
Rice Export Ban: Government banned the export of rice, know why it took such a decision
trouble on five crore people
Especially many poor countries in Africa depend on Russia and Ukraine for the supply of grain. Before the war, Ukraine was the world’s fifth largest wheat exporter. It had a 10 percent share in global exports. Also, Ukraine is the top three exporter in barley, corn and mustard. Russia and Ukraine account for 80 percent of East Africa’s grain imports. Five crore people in these countries are about to die of hunger.
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