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Informist, Thursday, Aug 8, 2024

By J. Navya Sruthi

MUMBAI – Prices of rice and wheat were steady in key markets, traders said. Prices of maize in Karnataka's Davanagere were unavailable as the market was shut for the Naga Panchami festival, traders said.

RICE rates in Bhavanipuram, Andhra Pradesh, were unchanged from the previous day at 5,500-6,200 rupees per 100 kg, Ravi Shankar, a local trader, said. Prices of basmati rice were steady at 8,000-8,100 rupees per 100 kg in Vashi, near Mumbai, Devendra Vora, a wholesale broker, said.

The all-India average wholesale price of rice was 3,896.71 rupees per 100 kg, down 3.70 rupees from 3,900.41 rupees per 100 kg on Wednesday, according to the consumer affairs department.

The Andhra Pradesh government's decision to sell rice at a subsidised rate will not weigh on prices as people are not interested in buying the grain on offer due to the complications involved, Shankar said. People are being asked for their address and contact number to buy the rice at subsidised rates, the trader said, which is not being liked by most customers.

Last week, the Andhra Pradesh government decided to further subsidise the prices of rice and pulses being sold at state-run counters set up in rythu bazaars. The price of tur dal, which was earlier being sold at a subsidised rate of 160 rupees per kg, has been further cut to 150 rupees per kg. Similarly, the subsidised rate of rice was lowered to 46 rupees a kg from 48 rupees earlier, and that of steamed rice to 47 rupees from 49 rupees a kg.

Traders do not expect this move by the state government to bring prices down owing to consumer preference, which would be hard to change.

Prices of mill-quality WHEAT in Vashi, near Mumbai, were steady at 2,750 rupees per 100 kg, Vora said.

The all-India average wholesale price of wheat was 2,777.58 rupees per 100 kg, up 6.93 rupees from 2,770.65 rupees per 100 kg on Wednesday, according to the Department of Consumer Affairs.

End

Edited by Rajeev Pai

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