Inter-ministerial panel to review prices of agricultural commodities today

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As food prices hit record levels, a high level inter-ministerial committee will meet today to review prices of agricultural commodities, sources aware of the development told Business Today TV

The inter-ministerial committee, which will include officials from Ministry of Agriculture, Ministry of Commerce, Ministry of Finance, Ministry of Consumer Affairs, Food & Public distribution amongst others, will review prices of Edible oil,  Soyabean, Onion, Tomato, Wheat, Rice, Pulses, the source added.

Earlier in March, The UN Food and Agriculture Organization (FAO) food price index, which is a weighted average of world prices of a basket of food commodities over a base period value (in this case, taken at 100 for 2014-16), had exhibited huge volatility in the last two years through the Covid-19 pandemic and now the Russia-Ukraine war.

RBI in its monetary policy committee had warned about “elevated global price pressures in key food items” imparting “high uncertainty” to the inflation outlook and “warranting continuous monitoring”.

Further, high global prices have enabled the country’s agricultural exports to grow by 19.9 per cent and reach a historic high of $50.21 billion in 2021-22.

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