Demand for branded basmati rice, cooking oil, and poultry chicken fell by about 15% in March compared to the same month last year. This rise in prices attributes to high costs and inflationary pressure.
As a result of Russia’s invasion of Ukraine, which began in the last week of February, global commodity prices have risen as the supply chain has been hindered. As a result of the war, the cost of basmati rice has risen by $200 a tonne worldwide.
Gurnam Arora, joint managing director of Kohinoor Foods, said that the domestic market has been greatly affected by the war and the inflation that followed it.
Due to this sudden surge in prices rising, people have been changing their rice choices to regional varieties. But, even the regional varieties have seen a hike in prices in March.
