Market Yard, 19th October 2024: The cost of essential commodities like wheat, gram, and lentils has seen a steep rise in recent months, impacting both wholesale and retail markets. With Diwali just around the corner, consumers can expect even higher prices for these goods and their by-products.
Despite the Central Government setting a minimum base price for these products, market rates for wheat, semolina, maida, gram flour, split chickpea lentils, and lentils have already surpassed these levels. Experts predict that prices will only continue to climb, putting a strain on the wallets of citizens already dealing with increased expenses.
The decrease in production of wheat, gram, and lentils in the country has been a major factor in the price surge. Imports from states like Madhya Pradesh, Gujarat, Rajasthan, Uttar Pradesh, Maharashtra, and even Australia have been on the rise to meet the demand. This shortfall in domestic production has led to higher prices in local markets.
The increase in wheat prices has caused a ripple effect on products like semolina and flour, while the rise in gram prices has impacted the cost of split chickpea lentils and gram flour. Traders anticipate that these prices will continue to climb, especially with the festive season approaching.
Despite the government raising the minimum support price for crops, the open market prices for wheat, gram, and lentils still remain significantly higher due to the supply-demand imbalance. The current rates for wheat, gram, and lentils in the open market are well above the government-set prices, further burdening consumers.
With the festive season on the horizon, consumers should brace themselves for further price hikes on these essential commodities, putting additional strain on household budgets.
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