India plans to import 9 million tonnes of wheat from Russia through a government-to-government deal to augment domestic stock as prices begin to simmer, The Economic Times has reported.
“The possibility (of imports) is being discussed at the highest levels,” a person familiar with the matter told the Economic Times.
The All-India Consumer Wholesale Price of wheat was up 6.2% to Rs 2,633 per quintal on August 2 from Rs 2,480 a year ago, the report said.
Prices have been rising since the government imposed stockholding limits and sold the grain in the open market to traders amid concerns about a shortfall in domestic production.
India’s retail inflation in cereals and products was 16.3% in June, and wholesale cumulative inflation in FY24 till June-end was 7.6%, the report said.
On Wednesday, Minister of State for Consumer Affairs, Food and Public Distribution Sadhvi Niranjan Jyoti said in her written reply to the Lok Sabha that the retail prices of wheat are continuously changing and the government is closely monitoring the prices.
The average retail price of wheat in January was Rs 31.58 per kg, which reduced to Rs 28.74 per kg in May. Thereafter, its average retail price increased to Rs 29.59 per kg in July, she said.
