India's Wheat Prices Soared 36.49% YoY in W49 Due to Supply Shortage

Wheat prices in India surged by 36.49% YoY in Dec-23, reaching USD 0.42/kg compared to USD 0.31/kg in Dec-22, with an additional 11% MoM increase. Despite the highest average price recorded in Dec-23 at USD 0.42/kg, slightly exceeding the peak in Feb-22 at USD 0.38/kg. Overall, India's wheat prices in 2023 remained slightly higher than in 2022. The price surge is linked to a smaller-than-expected harvest, rising food inflation, and low government wheat procurement.