Wheat Prices Rise in the Global Market due to ban on India's Exports

India has recently banned wheat exports. The effect of which is now visible in the global market because there is an increase in the prices of wheat in the international market. The prices of wheat were already higher due to the ongoing Russian-Ukraine conflict.

The ban imposed by India on wheat exports in May added fuel to the fire. Due to the ban on India's wheat export, the prices of wheat have increased further in the international market. At present, wheat prices in the international market are down 11 percent from their record high of 2008. While international food prices declined by 2.1 per cent in May, it is 18.1 percent higher than a year ago.

The United Nations' food agency Food and Agriculture Organization (FAO) says that international wheat prices have risen for the fourth month, an average of 56.2 percent above their last year's price and only from their record high of March 2008. 11 percent less. The FAO Grain Price Index stood at 173.4 points in May, up 3.7 points or 2.2 per cent from April and 29.7 per cent higher than 39.7 points in May 2021.