(Deepshikha Gautam, Intern Journalist) New Delhi: Fear of Corona has led many countries to hoard food grains. Many countries including Cairo, Pakistan, Jordan, Egypt, Taiwan, China have started hoarding of food grains in recent times. Jordan has purchased 50 percent more wheat from the global market since April. Countries all over the world are hoarding to meet Corona’s supply chain hit and food shortage. These trends may increase in the coming days. The pace with which foodgrains are being hoarded in countries around the world can cause a big jump in inflation in the coming days. Another reason for this is that many countries have stopped exports from them.
This will also affect the global supply chain.
They will work to increase the price. However, inflation has already started to increase rapidly. In many countries including China, Pakistan, inflation has risen by 20 percent on many products in recent times. India’s wholesale inflation rose to 1.32 percent in September. Inflation based on wholesale prices rose to 1.32 percent in September 2020 due to a spurt in food prices. The annual rate of inflation based on monthly WPI (Wholesale Price Index) stood at 1.32 percent (provisional) in September, as against 0.33 percent in the same period last year. Inflation based on wholesale prices was 0.16 percent in August.
Earlier WPI-based inflation was negative for four consecutive months (negative 1.57 percent in April, negative 3.37 percent in May, negative 1.81 percent in June, and negative 0.58 percent in July). According to data from the Ministry of Commerce and Industry, the inflation in food articles stood at 8.17 percent, as against 3.84 percent in August. Grain prices declined during the period under review, while pulses became expensive. During this period, the rate of costlier vegetables was at a high level of 36.54 percent. Potato prices were 107.63 percent higher than a year ago, although onion prices saw some drop.
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