Wheat prices soared over the weekend because India banned the export of the commodity; adding to the strain on supply lines already strained by Russia’s invasion of Ukraine.
India, the world’s second-largest producer and eighth-largest exporter of wheat, announced the embargo in an effort to bring domestic prices down from record highs. The wheat harvest in the area has been harmed by record-breaking heatwaves that began in March. The prohibition, according to New Delhi, is temporary and might be altered.
Experts are concerned that the embargo may exacerbate a rising food scarcity caused by the Ukraine conflict; as wheat prices have risen by 60% this year. Russia and Ukraine produce nearly a third of the world’s wheat.
