Despite the Indian government imposing stock limits on wheat to curb its price increase, wheat prices have risen by a significant percentage in just ten days. This increase may eventually lead to the cost of a common man’s meal becoming more expensive. The government imposed the wheat stock limit on June 12, but it did not appear to have the intended effect.
According to reports, on June 7, wheat was being sold for Rs 2,302 per quintal. However, after implementing the stock limit on June 12, the prices dropped by only two per cent. Wheat was selling at Rs 2,268 per quintal on June 14, but the price rose sharply to Rs 2,340 per quintal on June 22.
Despite the government’s attempts to control the prices, these unexpected and uncontrollable changes in cost are happening due to El Nino and poor monsoon conditions. Experts predict that the prices might grow higher yet.
From June 28, the government would sell wheat in the open market, but it is unclear at this point if that would make any difference in the current situation.
The rising cost of wheat, a staple food in India, will undoubtedly have a significant impact on millions of people who rely on it for their daily sustenance. With the experts warning of further price increases, it is up to the government to take decisive action to ensure that people are not negatively affected by higher food prices.
Therefore, it is evident that implementing a stock limit on wheat has not had the desired effect, and the government must adopt alternative and more effective measures to mitigate the cost of wheat until the weather and the market stabilizes. The people of India are depending on their government to take responsibility and make the right decisions in addressing the growing issue of food price inflation.
