Wheat prices decline on record output, procurement and demand destruction

The price decline has brought major relief to middle-class consumers at a time when Covid-19 has rendered millions of people jobless and millions of others underwent pay cuts

Wheat, flour and maida prices declined by 10 per cent in May after a marginal increase in April, because of record harvest, surge in distribution through the public distribution system (PDS), and destruction of demand because of the lockdown.

The data compiled by the Ministry of Consumer Affairs, Food and Public Distribution showed modal wheat prices declined by 12 per cent between March and May. It is trading currently at Rs 22 a kg, as against Rs 35 a kg in March. Similarly, flour (atta) became cheaper by 6.7 per cent during the period from Rs 30 a kg in March