No rise seen in consumer staples prices

economictimes.indiatimes.com:

Adani Wilmar, GRM Overseas, and Tirupati Agritrade said prices of kitchen essentials like non-basmati rice, wheat, and pulses are likely to stay steady in the next two months. Prices of non-basmati have fallen 8% after the government announced a ban on its exports last Thursday to curb inflation.

Angshu Mallick, MD of Adani Wilmar, said «Prices of non-basmati rice may fall by another 3% in coming weeks. Tur dal (pigeon pea) prices, which have gone up by 2-3%, will not see a further upswing as the government has decided to import it to keep prices under check.

For the next two months, we do not see much rise in prices of these kitchen essentials.» Facing a sharp rise in tur dal prices amid lower production, the country is expected to import 12 lakh tonnes of the pulse in FY24, up 35% from last year, to boost availability and contain price rise. «The ban on non-basmati rice in the international market has triggered panic, leading to a surge in demand for basmati rice worldwide out of fear that it might face a ban as well.

Consequently, in the domestic market, consumers are now turning their attention to non-basmati rice due to its reduced price. As a result, there is expected to be an abundance of wheat with stable prices,» said Atul Garg, MD of GMR Overseas.

At present, atta is available at a price of ₹25-26 at the wholesale level. The Adani Wilmar MD said there will be a shift from wheat consumption to rice in Bihar, Jharkhand, West Bengal, and Odisha.Ajay Jhunjhunwala, president of the Solvent Extractors Association, the apex body of the edible oil industry, has urged all members to reduce MRP and Price to Distributor of edible oils in line with the reducing international market scenario.