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India bans wheat export, analysts warn more price hikes

2022-05-15 08:45:50Biznes SHKRUAR NGA REDAKSIA VOX

India bans wheat export, analysts warn more price hikes

India banned wheat exports because a heat wave lowered production, while prices in the country rose to an all-time high.

The Indian government announced it would respect signed wheat-buying contracts, but the signing of new contracts is prohibited until a second decision.

India is the second largest producer of wheat, after China. But the war between Russia and Ukraine, also on the list of major cereal producers, has perverted the global supply chain.

Prior to this order, India planned to export a record 10 million tons of wheat this year.

According to market analysts, the decision could further raise global wheat prices and affect poor consumers in Asia and Africa. Rising food and energy prices pushed India's annual retail inflation towards an eight-year high in April, strengthening economists' view that the central bank would have to raise interest rates more aggressively to curb prices.

Wheat prices in India have risen to record levels, in some markets up to $323 per tonne.

 


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