Russia-Ukraine conflict pushes food prices higher
The start of the Russia-Ukraine conflict disrupted the price of food staples sending them rocketing to multi-month highs. CNBC-TV18’s Manisha Gupta spoke to Dorab Mistry, Director at Godrej International; Bimal Kothari, Vice-Chairman at IPGMA; and Praful Vithlani, Chairman at AISTA to discuss what lies in store for the sector. How much further will the price of staple foods rise and can the government do anything to stem this spike?
The start of the Russia-Ukraine conflict disrupted the price of food staples sending them rocketing to multi-month highs. The recent aggravation of the conflict has only made matter worse with experts fearing that Russia could cease trade at the Black Sea Port.
These fears in the midst of a drought that's gripped Europe has hurt the supply of staples as demand continues to grow the world over. Prices of staples like wheat are currently at 14-week highs, while corn is at 3-month highs. The edible oil space has also seen a spike in prices as demand from China and Malaysian exports rises.
Supply is equally strained back home, with excess rains in October hitting India's crop yield. Pulses have seen a spike in prices as erratic rainfall has led to the lesser areas being sown. Farmers shifting to more competitive crops has only constrained produce further.
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India has emerged as the world's largest producer and consumer of sugar with more than 5,000 lakh metric tonne of sugar cane being produced in the country for the October to September period. The country has also become the world's second-largest exporter following this record-breaking season.
High crude oil prices along with increased demand from biofuel producers have helped prices recover this week from 14-month lows -- so what lies in store for the sector? How much further will the price of staple foods rise and can the government do anything to stem this spike?
To discuss this CNBC-TV18's Manisha Gupta spoke to Dorab Mistry, director at Godrej International; Bimal Kothari, vice-chairman at IPGMA and Praful Vithlani, chairman at AISTA.
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