The post-pandemic economic rebound has led to inflation caused by soaring commodity prices. The surge seen in steel, cement, pharmaceuticals and cotton yarn has been triggered by accelerated economic recovery along with global stimulus measures. Higher imports from importing countries and COVID led disruptions in supply chains have only compounded the issue.
In India, higher fuel prices and global inflation have driven prices higher for the last 6 months for various commodities. The several-month long bull run that grains market has seen, has placed the prices of corn at 7 year high and soyabean at 6 and a half year high.
Edible oil prices are also at all-time high albeit at discount to global prices in India. Inadequate crop and higher import levels make this a concern for India, where consumption of edible oil continues to rise.
So where are prices head from here on and are there any solutions that governments around the world and India can employ? To discuss that and more, CNBC-TV18’s Manisha Gupta spoke to Dorab Mistry, Director at Godrej International; Angshu Mallick, Deputy CEO at Adani Wilmar; and Thomas Mielke, Editor and CEO of Oil World.Watch video for more.