Food Prices

India's food inflation bites harder as risks build for global supplies

Its average citizen is more affected than people in peer economies

India is not immune to the stagflation that felled its neighbours

Not much help is expected from the global economy. Financial conditions are tight almost everywhere, and demand tepid

A year after, the global economy changed by Russia Ukraine war: Report

Food prices have soared, increasing hunger in the developing world, and forcing governments, businesses and people to adapt to lasting shifts, The Guardian reported

Global trade remains resilient, performing better despite Russia war: WTO

Global trade "has held up well" in the face of the Russia-Ukraine war, WTO Chief Economist Ralph Ossa said

Govt to offload 30 mn MT wheat to cool down prices via open market disposal

the government takes various steps from time to time to augment domestic availability and control increasing food prices

WEF Davos summit to call on world leaders to address economy, food crises

The World Economic Forum (WEF) on Tuesday said its annual Davos meeting will call on leaders from across the globe to address immediate economic, energy and food crises while laying the groundwork for a more sustainable and resilient world. Announcing the schedule for the five-day meeting in the Swiss ski resort town of Davos from January 16-20, the WEF said it is expecting significant participation from Asia, including China and Japan. From India, at least four union ministers -- Mansukh Mandaviya, Ashwini Vaishnaw, Smriti Irani and R K Singh -- as also three chief ministers -- Yogi Adityanath, Eknath Shinde and B S Bommai -- are expected to be present, in addition to nearly 100 leaders from business and other areas. The theme of the 53rd Annual Meeting would be 'Cooperation in a Fragmented World' and it will convene more than 2,700 leaders from 130 countries, including 52 heads of state/government. Top political leaders taking part include German Chancellor Olaf Scholz, European

Global food prices in 2022 hit record high amid drought, Russia-Ukraine war

Global prices for food commodities like grain and vegetable oils were the highest on record last year even after falling for nine months in a row, the U.N. Food and Agriculture Organization said, as Russia's war in Ukraine, drought and other factors drove up inflation and worsened hunger worldwide. The FAO Food Price Index, which tracks monthly changes in the international prices of commonly traded food commodities, dipped by 1.9% in December from a month earlier, the Rome-based organisation said Friday. For the whole year, it averaged 143.7 points, more than 14% above the 2021 average, which also saw large increases. The December decline was led by a drop in the price of vegetable oils amid shrinking import demand, expectations of increased soy oil production in South America and lower crude oil prices. Grain and meat were also down, while dairy and sugar rose slightly. Calmer food commodity prices are welcome after two very volatile years, FAO chief economist Maximo Torero said in

Statsguru: Energy to food prices, 6 charts explain India's inflation woes

In terms of food prices, India seems to be doing much better than the Western economies, owing to it being less dependent on imports

IMF approves deal to provide $3 bn support package to cash-strapped Egypt

The International Monetary Fund has approved a deal that will provide a USD 3 billion support package to cash-strapped Egypt over a period of almost four years, with the agreement expected to draw in additional USD 14 billion in financing for the Middle East country. The announcement from the IMF's executive board late on Friday comes after a preliminary agreement was reached in October between Egypt and the fund, hours after Egypt's central bank introduced a series of reforms, including a hike in key interest rates by roughly 2 percentage points. The Egyptian economy has been hard-hit by the coronavirus pandemic and the war in Ukraine, events that have played havoc with global markets and hiked oil and food prices worldwide. Egypt is the world's largest wheat importer, most of which came from Russia and Ukraine. The country's supply is subject to price changes on the international market. The deal announced on Friday known as an Extended Fund Facility Arrangement is expected to

Food prices in Poland unlikely to fall next year, says Minister Kowalczyk

He added that Poles did not have to worry about the country's food security as Poland was a huge food producer and exporter

NSUI writes to HP Guv over food price, quality at joints in University

Congress' student wing NSUI on Friday urged Governor Rajendra Vishwanath Arlekar to set up a committee to fix the price of food and check its quality at food joints in the Himachal Pradesh University. Yaseen Batt and Yogesh Yadav, the president and vice president of the National Students Union of India, HPU unit, in their memorandum to the governor urged him to include the members of their group too in the committee. The NSUI also demanded that students of BA, BSc, and BCom who failed in EVS exam, should be passed as there are no EVS teachers in any college of the state. In their memorandum, they also demanded a refund of fees of first year students, who passed the re-evaluation. Investigation of the quality of construction works going on in the university and cancellation of fake admissions in PhD were the two other demands that found a mention in the NSUI letter.

Russia-Ukraine grain deal extended by four months in win for food prices

A wartime agreement that unblocked grain shipments from Ukraine and helped temper rising global food prices will be extended by four months, the United Nations and other parties to the deal said on Thursday, preventing a price shock to some of the world's most vulnerable countries where many are struggling with hunger. Ukrainian President Volodymyr Zelenskyy called the 120-day extension a "key decision in the global fight against the food crisis". Struck during Russia's war in Ukraine, the initiative established a safe shipping corridor in the Black Sea and inspection procedures to address concerns that cargo vessels might carry weapons or launch attacks. The deal that Ukraine and Russia signed in separate agreements with the UN and Turkey on July 22 was due to expire on Saturday. Russia confirmed the extension but said it expected progress on removing obstacles to the export of Russian food and fertilisers. Ukraine and Russia are key global suppliers of wheat, barley, sunflower oil

Multiple factors doubled retail inflation rate in wheat, rice since April

The spike in the prices of these two cereals was diametrically opposite to the cooling of the overall inflation rate and of food inflation, both of which hit a three-month low

Despite drop in cost, companies continue to raise prices on consumers

Some companies and restaurants have continued to raise prices on consumers even after their own inflation-related costs have been covered

Statsguru: Six charts show the rise in MSP for rabi marketing season

The government's decisions on MSP are often said to be driven also with an eye on food inflation

Sri Lanka's consumer inflation hits record 73.7% in September

Annual food price inflation picked up to 85.8 per cent from 84.6 per cent in August, while prices of non-food items rose 62.8 per cent.

UK inflation returns to 40-year high of 10.1% as food prices rise

British food prices rose at the fastest pace since 1980 last month, driving inflation back to a 40-year high and heaping pressure on the embattled government to balance the books without gutting help for the nation's poorest residents. Food prices jumped 14.6 per cent in the year through September, led by the soaring cost of staples such as meat, bread, milk and eggs, the Office for National Statistics said on Wednesday. That pushed consumer price inflation back to 10.1 per cent, the highest since early 1982 and equal to the level last reached in July. The figures immediately fuelled demands that the government do more to help families and retirees as it struggles to regain credibility after an ill-fated package of tax cuts roiled financial markets. Treasury chief Jeremy Hunt ditched the package after he took office last week, but he has warned that this will be a difficult winter and spending reductions also will be needed. Glenn Sanderson, head teacher at St. Aidan's Catholic ..

Soaring dollar leaves food piled up in ports as world hunger grows

Dwindling foreign-currency reserves in many cases has reduced access to dollars, and banks are slow in releasing payments

Kharif arrivals likely to dampen food prices, but downside limited

CPI-inflation for the month of September surged to a five-month high of 7.4 per cent largely due to a spike in food inflation which jumped to a 22-month high of 8.6 per cent for the same period

New Zealand's annual food price increase remains at 13-year high

Food prices were 8.3 per cent higher in September 2022 compared with September 2021 in New Zealand, the country's statistics department Stats NZ said on Thursday