Supply of wheat, rice, sugar and edible oils adequate; not to see upswing in prices in festival season, says Food Secretary

Government keeps close vigil on hoarders; adequate supply of wheat, rice, sugar, edible oils; stock limit reduced to 2,000 tonnes; prices unlikely to see sharp upswing in festive season; government adequately prepared; good rainfall in Karnataka, Maharashtra; wheat stocks adequate; rice prices rising due to negative sentiment; edible oil imports higher than last year.

Retail prices of key essential food items, especially wheat, rice, sugar, and edible oil prices, are unlikely to see any sharp upswing in the upcoming festival season as the country has adequate supply and the government is keeping a close vigil on hoarders, Food Secretary Sanjeev Chopra said on September 14.

"So my analysis is that in the next upcoming festive season, I do not see any kind of a sharp upswing in prices of the commodities that we deal with whether it is wheat or rice or sugar or edible oils," Mr. Chopra told reporters.

The government is taking "corrective action" whenever it's required. For instance, the stock limit was further reduced to 2,000 tonnes for traders, wholesalers, and big chain retailers with immediate effect amid an uptick in prices, he said.

He also said there is an adequate supply of wheat, rice, sugar, and edible oils in the country.

On sugar, the secretary said although sugar prices are holding stable, due to some rumours of likely shortage due to lower monsoon in August has led to an upswing in prices recently in some markets.

"So, this is just to clarify that there's adequate sugar stock of 85 lakh tonne in the country, which is sufficient for three and a half months requirements," he said.

For the festive season, the government is adequately prepared. The government has released 25 lakh tonne, two lakh tonne excess in August, he said.