Prices of essential commodities in international commodity markets have been rising for the past week in the aftermath of the Russia-Ukraine war. In particular, prices of wheat, crude oil, natural gas, maize and timber have risen sharply. In the past week, wheat prices have risen by 40 per cent, crude oil by 26-30 per cent, natural gas by 22 per cent, maize by 14 per cent and timber by 10 per cent.
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At the same time, if the war continues for a few more days, this inflation will have a severe impact on the world economy. Russia is the second largest producer of wheat after China and India. Wheat exports from Russia and Ukraine have been completely affected by the current war. Wheat purchasing countries from Russia and Ukraine have been affected by the suspension. Fears have been raised that this situation could have a major impact on the global wheat supply in the future. Ukraine is the fifth largest exporter of wheat.
Chapati prices have started rising due to the rise in wheat prices in international markets. If this price continues to rise, chapati will become a Castilian dish for many people. According to an APEDA report, wheat prices have risen to levels not seen in the last 10 years.
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Experts say that despite the export of wheat from India, global price hikes will inevitably reverberate in the Indian wheat market. Thus, the price of wheat will also go up in the domestic wheat market. Prices have already begun to rise. As far as India is concerned, wheat is exported to Nepal, Bangladesh, United Arab Emirates, Sri Lanka and Yemen.
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