Indian gov't further reduces wheat auction prices to curb inflation

| Updated: February 18, 2023 17:34:27

Indian gov't further reduces wheat auction prices

The Indian government has decided to further reduce the reserve price of wheat from March 31 to check the inflationary trend in the food economy.

According to the Ministry of Consumer Affairs, Food, and Public Distribution, states may be allowed to purchase wheat from the Food Corporation of India (FCI) for their own scheme at the above-proposed reserve prices without participating in the e-auction, reports Xinhua.

"Reduction in reserve price will help in reducing the market price of wheat and wheat products for consumers," the ministry said in a statement on Friday.

Last week, the Indian government offloaded 3.0 million tons of wheat under the Open Market Disposal Scheme to cool down prices of wheat and wheat flour.

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