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The price of wheat experienced an immediate rise in international markets after India banned the export of basic cereals.
The standard grain index rose 5.9% in Chicago, the highest in more than two months. The export blockade comes at a time when a major heat wave has hit crops in India, pushing domestic prices to record levels.
The cost of everything from bread to sweets and pasta has risen in recent months as wheat prices soared in world commodity markets. The Indian government clarified that it would simply allow some exports backed by commercial credit cards already issued, and for countries seeking supplies “to meet their food security needs”.
Officials clarified that the ban is not permanent and could be reviewed. Despite this, the decision was criticized by the group of the seven most industrialized countries in the world, the G7, which met in Germany.
“If everyone starts imposing export restrictions or closing markets, it would exacerbate the crisis.” said German Minister of Food and Agriculture Cem Ozdemir.
The G7, an organization of the world’s seven largest so-called “advanced” economies that dominate global trade and the international financial system, has warned that the war in Ukraine is creating a global food and energy crisis that threatens poor countries and that urgent measures are needed to unlock the grain reserves that Russia is preventing from leaving Ukraine.
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