In India, rice prices up 15% and palm oil seen rising too

Published 2023년 1월 3일

Tridge summary

Recent reports from India highlight significant price increases for rice and palm oil. Basmati rice has seen a notable rise of up to 15% in the past month, reaching a record high of Rs 110 per kg, while non-basmati rice prices are also rising due to anticipated reduced production of kharif rice, the withdrawal of a government food security scheme, and duty-free paddy exports to Nepal. Palm oil prices are expected to rise by Rs 5-7 a liter in the coming weeks. These changes are largely due to flood damage to Pakistan's rice crop, lack of orders from Iran, and the cessation of the Pradhan Mantri Garib Kalyan Anna Yojana.

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Original content

Rice and palm oil are becoming more expensive in India. In the last one month, the price of rice has increased by up to 15 per cent, while that of palm oil is seen rising by Rs 5-7 a liter in the coming weeks. The basmati variety of rice is selling at a record high of Rs 110 per kg as compared with Rs 95 per kg a month ago. Traders attribute this to rice millers building stocks in anticipation of better prices in the world market as floods in Pakistan have damaged the country's rice crop. This is happening despite hardly any orders from Iran, one of the biggest markets for Indian basmati rice, said Suraj Agarwal, CEO of Rice Villa Group, a rice marketing and exporting firm. Experts said prices of non-basmati rice are increasing because of an expected drop in kharif rice production, withdrawal of a government-run food security scheme, and duty-free exports of paddy ...

Source: Economic times