The third wave of COVID-19 has some good news as prices of essentials such as rice, wheat, pulses, and cooking oils have remained stable, unlike the first two waves, thanks to ample supply. In some cases, like basmati rice, tea, and palm oil, the prices have fallen as out-of-home consumption has dropped as marriages and other celebrations have been cancelled due to rising cases and local restrictions, industry insiders said.
Delayed deliveries and rising demand due to anxious customers stocking up for hard times led to a jump in prices of essentials during the first and second waves.
That sort of apprehension is not there in the third wave as people have learnt how to handle the situation from the past two waves. Like, the millers have wheat with them, which can meet at least two months’ demand. Therefore, there is no question of a price rise. Prices for pluses are also unlikely to rise, as new supplies are expected to enter the market. The rabi crop, comprising chickpeas, masoor and yellow peas, will start arriving in the market over the next month and a half. There will be ample supply of pulses in the market, and we do not see a rise in prices.
Also, the government has extended the deadline for free imports of moong, toor, and urad till March 31, 2022. Basmati rice prices have fallen as many marriages and other celebrations have been cancelled due to a surge in pandemic cases.
Prices of basmati rice have also fallen as exports are not happening due to non- availability of containers at the port.
Edible oil prices have started cooling off following the cut in import duty and other government steps like imposition of stock limits to curb hoarding. The average retail price of groundnut oil is now ruling at ₹180 per litre, mustard oil at ₹190, soya oil at ₹150, sunflower oil at 165 and palm oil at ₹130 per litre, industry data show.