The official further stated that no proposal has been received from Russia to import wheat. “There is no proposal to import wheat under government-to-government deal,” reported Reuters, citing Food Secretary of India.
Global prices for food commodities like rice and vegetable oil have surged after Russia pulled out of a wartime agreement allowing Ukraine to ship grain to the world, and India restricted some of its rice exports, reported AP quoting the U.N. Food and Agriculture Organization.
The FAO Food Price Index, which tracks monthly changes in the international prices of commonly traded food commodities, increased 1.3% in July over June, driven by higher costs for rice and vegetable oil. It was the first uptick since April, when higher sugar prices bumped up the index slightly for the first time in a year.
Commodity prices have been falling since hitting record highs last year in the wake of Russia’s invasion of Ukraine. Disrupted supplies from the two countries exacerbated a global food crisis because they’re leading suppliers of wheat, barley, sunflower oil and other affordable food products, especially to nations in parts of Africa, the Middle East and Asia where millions are struggling with hunger.
The world is still rebounding from those price shocks, which have increased inflation, poverty and food insecurity in developing nations that rely on imports.