January 6: Prices of rice have risen in India. Palm oil has also become costly. Prices of rice have surged by 15 per cent in the last one month, The Economic Times Reported.  Prices of palm oil are projected to go up by Rs 5 to 7 per liter in the coming weeks. 

Basmati variety of rice is selling at a record high of Rs 110 per kg as compared with Rs 95 per kg a month ago. Traders attribute price hike to the millers hoarding rice and paddy in anticipation of better prices in the world market. 

Analysts are projecting rice prices to become dear after floods in Pakistan damaged the country’s rice crop. The price is jumping despite hardly any orders from Iran, which is India’s biggest market for basmati rice. 

Prices of other varieties of rice are also surging in the anticipation of drop in rice production. 

Rice production in 2022-23 is estimated at 104.99 million, which is 6.77 million tonnes less than 111.76 tonnes in 2021-22 in India.