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Thursday, February 9, 2023

India bans wheat exports causes global prices jump

EconomyIndia bans wheat exports causes global prices jump

World (The Times Groupe)- The global wheat prices in markets have risen after India banned the export of the staple cereal.

Chicago’s benchmark wheat index rose to the highest level in two months by rising 5.9%.

In India, wheat prices hit a record high after a heatwave hit wheat crops.

Bread, cakes, noodles, and pasta have all become more expensive in recent months due to the rise in wheat prices on world markets.

The Indian government said it will still allow exports backed by letters of credit already issued and to countries seeking supplies “to meet their food security needs”.

Indian officials also said the ban was not permanent and could be lifted at any time.

Agricultural ministers from the Group of Seven (G7) nations meeting in Germany have criticized the decision.

“If everyone starts imposing export restrictions or closing markets, that will exacerbate the crisis,” German food and agriculture minister Cem Ozdemir said.

The G7 is an organization of the seven largest so-called “advanced” economies, which dominate global trade and the international financial system. It is comprised of Canada, France, Germany, Italy, Japan, the UK, and the United States.

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