Government made a plan to control inflation, FCI sold so many tons of wheat in the open market

Government made a plan to control inflation, FCI sold so many tons of wheat in the open market

FCI Sells Wheat in Open Market: The central government is continuously taking big steps to control food inflation in the country. Now the government is selling wheat stock in the open market to control wheat prices before the festive season. The Food Ministry has informed that Food Corporation of India (FCI) has sold 2.37 million tonnes of wheat from its stock in this financial year through e-auction.

According to the report published in Financial Express, FCI also informed that in order to control the price of flour in the country, the corporation has sold a total of 0.19 metric tonnes of wheat through e-auction on Wednesday only. By the end of the year, the target is to sell a total of 5 metric tons of wheat through e-auction. Along with this, the official also said that the government is selling wheat at Rs 2,220.17 per quintal through e-Nimali. Earlier its price was fixed at Rs 2,254.71 per quintal.

Fall in wheat prices

It is worth noting that the price of wheat has seen a decline in recent times. In such a situation, a decline has been observed in the price of wheat sold by FCI in the open market. Along with this, the quantity of wheat sold by FCI is less than 90 percent of the proposed quantity. In such a situation, it clearly shows that there is adequate storage of wheat in the country and there is no shortage of flour in the country. It is noteworthy that FCI has been continuously selling wheat since August 2023 and this has also affected the wheat prices. The retail inflation rate of wheat has decreased from 9.3 percent to 7.93 percent in August.

Reduction in food inflation rate

To control wheat prices, the central government had announced the sale of 5 metric tons of additional wheat in August 2023. Earlier, Food Secretary Sanjeev Chopra had also said that the government is also considering reducing the import duty to control the prices of flour. In August, the government had reduced the limit of wheat storage with traders from 3000 tonnes to 2000 tonnes. Apart from wheat, the government has taken several steps to control the prices of rice and sugar. The effect of these steps is also visible, the retail inflation rate has fallen to 5.02 percent in September which was 6.83 percent in August 2023. According to the data of the Ministry of Statistics, there has been a big decline in the food inflation rate in the month of September and it has reached 6.56 percent.

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