UAE may face hike in prices of rice
The United Arab Emirates (UAE) is all likely to face a hike in the prices of rice after India, which supplies a major chunk, imposed a ban on exporting non-basmati variety.
By Agencies |
DUBAI: The United Arab Emirates (UAE) is all likely to face a hike in the prices of rice after India, which supplies a major chunk, imposed a ban on exporting non-basmati variety. Prices of non-basmati rice are to go up by 10 to 25 per cent due to the shortage of the Indian varieties following the ban, suppliers in UAE say.
As a result, they have asked retailers to increase the prices of certain brands of non-Basmati rice, wheat flour and milk powder, according to industry officials. "There is a shortage of non-basmati rice in the market following the ban, as Indian non-basmati rice constitutes about 50 per cent of the market share," a prominent supplier told the Gulf News.
The latest price rise is likely to affect the majority of the UAE population who are already facing high inflation, officially put at 9.3 per cent. The appreciation of Indian currency is another factor likely to contribute to price-rise of Indian products in UAE in the coming months, analysts say.
As a result, they have asked retailers to increase the prices of certain brands of non-Basmati rice, wheat flour and milk powder, according to industry officials. "There is a shortage of non-basmati rice in the market following the ban, as Indian non-basmati rice constitutes about 50 per cent of the market share," a prominent supplier told the Gulf News.
The latest price rise is likely to affect the majority of the UAE population who are already facing high inflation, officially put at 9.3 per cent. The appreciation of Indian currency is another factor likely to contribute to price-rise of Indian products in UAE in the coming months, analysts say.
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