look news india
The general public is troubled by rising inflation. There has been a rapid increase in all food items. Due to which the household budget of common people is getting disturbed. Now the government has made a big announcement to provide relief from rising inflation. The government on Thursday announced selling 25 lakh tonnes of FCI wheat to bulk local customers by March 2025 to curb food inflation. Experts say that this step of the government will reduce the prices of wheat products, which will directly benefit the common people. This wheat will be sold under the government’s Open Market Sale Scheme (OMSS). It is managed by the government-owned Food Corporation of India (FCI), which regulates supply and prices.
Wheat will be sold through e-auction
The reserve price of wheat under OMSS has been fixed at Rs 2,325 per quintal for fair and average quality (FAQ) grains and Rs 2,300 per quintal for URS (slightly lower quality) grains, the food ministry said in a statement. Wheat will be sold through e-auction to private companies including flour mills, wheat product manufacturers, processors and end users till March 31, 2025. However, the government did not inform about the date of commencement of sale of FCI wheat to bulk consumers. Last year, FCI had sold more than one million tonnes of wheat to bulk users under OMSS.
Retail inflation increased in October
Retail inflation reached its highest level in 14 months in October. Retail inflation rose to 6.21% in October due to rising food prices. Which was 5.49 percent in the last month i.e. September, the main reason for which is the increase in food prices. Thus, retail inflation has gone above the Reserve Bank of India (RBI)’s satisfactory level of six percent. Inflation based on Consumer Price Index (CPI) was 4.87 percent in the same month last year.
