New Delhi: The Centre is considering import of 9 million tonnes of wheat from Russia via a government-to-government deal to augment domestic stocks amid rising prices, said people aware of the matter. The All-India Consumer Wholesale Price of wheat was up 6.2% to ₹2,633 per quintal on Wednesday, from ₹2,480 a year ago.Prices have risen as the government has imposed stockholding limits and sold the grain in the open market to traders amid concerns about a shortfall in domestic production. Wholesale cumulative inflation in FY24 till June-end was 7.6%, having spiked 10.7% in FY23. "Wheat, rice and coarse cereals have seen double-digit inflation over the past six months," rating agency Crisil said in a report on Monday.A combination of low production, declining stocks and rising demand has fuelled the price rise. "Russia pulling out of the Black Sea grain deal has also raised inflationary risks since Russia and Ukraine are the world's largest suppliers of wheat and sunflower oil," Crisil said.

Source: Economic Times August 03, 2023 17:00 UTC