Wheat prices have been tamed as a result of recent inflation figures.

Government is reworking system to counter rising inflation rate in critical commodity wheat . Wheat flour millers say they were getting only three days before rates were raised .

NEW DELHI: Last week's high retail inflation rates and the report that millers were getting wheat from vendors for only three days before rates were raised pushed the government into action to rework its system, including export curbs, in an attempt to counter the rising inflation rate in the critical commodity.We were getting input from a variety of sources, including consumers and small merchants.All of them were complaining about rising prices on a daily basis, according to a government official.The issue seemed to have been clinched by a recent meeting with wheat flour millers, who said that traders who had large stocks with them were only releasing grains for about three days after they had lost them in the hope that prices would increase during this period.

If this pattern had continued, we would have run short of grains.In the hopes of achieving higher prices, traders and farmers were also holding their stocks.According to Anjani Agarwal, president of the Indian Roller Flour Millers Federation, increases in wheat prices impact the cost of bread, biscuits, and other items.Average retail prices increased by 2.8 percent in less than a week, while atta (wheat flour) became nearly 1.3 percent more expensive.

South India saw a dramatic 33 percent increase.When the Ukraine war began, global wheat prices increased to over $450 a tonne from $350-360 a tonne, and private traders began sourcing large amounts from farmers, who opted for higher prices than government agencies that were procuring.As Ukraine and Russia pulled out of the market, costings increased, and the early onset of summer heightened the crisis.In addition, countries such as Argentina, Kazakhstan, Hungary, Bulgaria, and Turkey have either banned exports or placed other limitations.