Page 7 - Food Prices

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

September CPI inflation at 7.41 per cent: How analysts interpret the number

Analysts at UBS expect headline CPI inflation to average 6.7 per cent YoY in FY23 and see RBI's policy outlook to be data dependent contingent on the Fed action

Sept retail inflation likely to hit five-month high of 7.30% on food prices

India's retail inflation accelerated to a five month high of 7.30% in September due to surging food prices, staying well above the Reserve Bank of India's (RBI) upper tolerance band

World food price index fell for sixth consecutive month in September: FAO

FAO's cereal price index rose 1.5 per cent month-on-month in September, with wheat prices climbing 2.2 per cent

Average prices of 11 essential food items fell 2-11% in last month: Govt

The average prices of 11 essential food items declined 2-11 per cent in the last one month, the government said on Monday. Food and Consumer Affairs Minister Piyush Goyal tweeted that prices of essential items have fallen, giving relief to monthly household budget. He also shared a chart showing the decline in the prices of 11 items. The average price of palm oil fell a maximum of 11 per cent to Rs 118 per litre on October 2 from Rs 132 per litre on September 2, 2022. The price of vanaspati ghee fell 6 per cent to Rs 143 per kg from Rs 152 per kg. Sunflower oil price too fell 6 per cent to Rs 165 per litre from Rs 176 per litre while soyabean oil eased 5 per cent to Rs 148 per litre from Rs 156 per litre. Mustard oil price fell 3 per cent to Rs 167 per litre from Rs 173 per litre. The rate of groundnut oil went down 2 per cent to Rs 185 per litre from Rs 189 per litre. Onion price dropped 8 per cent to Rs 24 per kg from Rs 26 per kg while the rate of potato declined 7 per cent to

Inflation forcing rural India to buy fewer essentials items: Report

A new report reveals people in villages are concerned about inflation and its impact on their financial condition

Hungarian govt announces extension of fuel, food price caps until year-end

The Hungarian government has decided to extend the fuel and food price caps until December 31, Gergely Gulyas, the Head of the Prime Minister's Office said

Analysts see RBI delivering another 35-50 bps repo hike on Sep 30

With the price index surprising on the upside in August, many analysts have pencilled in a higher inflation print in September as well and accordingly expect the central bank to frontload policy rate hikes, delivering another 35 bps later this month. Confounding the worries on the inflation front, retail inflation accelerated to 7 per cent on-year in August from 6.7 per cent in the previous month -- staying above the upper tolerance limit of the central bank for all the eight months of 2022. The higher than expected August inflation print was driven by food prices primarily in rural areas which came in at 7.2 per cent as against 6.7 per cent in urban areas. The rate-setting panel has increased the policy repo rate by 140 bps to 5.4 per cent since May with the last being a 50 bps increase in the August review. Yet real interest rates continue to be negative as inflation continues to stay above 6 per cent. According to Tanvee Gupta-Jain, the India chief economist at the Swiss brokera

State govts step up relief measures for households battling inflation

Kerala distributed a package of free food items costing about 450 rupees ($5.70) each to over 8 million families during the Onam festival earlier this month.

Retail inflation rises to 7% in Aug as food prices surge; IIP growth slows

FinMin blames adverse base effect, increase in food and fuel prices

India restricts rice exports to increase domestic supplies, ease prices

India exports rice to more than 150 countries, and any reduction in its shipments would increase upward pressure on food prices

Farm sector clocks 4.5% growth in Q1 on robust rabi harvest, price rise

Growth at current prices which touched a high of 17.4 per cent mainly due to sharp spikes in almost all farm commodities in the first quarter of the 2022-23 financial year.