-The Hindu   The Communist Party of India (Marxist) on Thursday refuted the “specious explanations” on inflation given by Finance Minister Pranab Mukherjee saying his statement hid the government's failure to check price rise. Reacting to his November 22 suo motu statement in Parliament, the CPI(M) Polit Bureau said: “It is nothing but an exercise in deception to conceal the utter failure of the UPA government in checking the relentless price rise.” While referring...

India’s domestic wheat prices higher than international rates by around $100 per tonne; traders seek subsidy India’s food ministry will oppose a proposal to export wheat as it prefers to distribute the excess to the poor within the country, K.V. Thomas, Union minister of state (independent charge) for consumer affairs, food and public distribution, said on Thursday. “We want the wheat produced by our farmers to be distributed here first,” Thomas said,...

-Reuters   Red-hot food inflation that has vexed policy makers around the world seemed to take a breather last month, when corn and wheat prices tumbled on reports that crop shortages were easing. The sell-off was also driven by global economic worries that prompted funds to exit grains in droves. But prices are climbing again, and have already made up half of June's losses. The sell-off masked an unnerving reality: The world remains...

High and volatile agricultural commodity prices are likely to prevail for the rest of this year and into 2012 according to the latest analysis published today in FAO's biannual Food Outlook. The report cites a sharp rundown on inventories and only modest overall production increases for the majority of crops as reasons for continuing strong prices. The next few months will be critical in determining how the major crops will fare this...

-Reuters   World cereals output is expected to rise to a new record in 2011 due to more planting and improved yields but low stocks are set to keep prices high, the United Nations’ food agency said. Global cereals output is expected to rise 3.5% to 2.315 billion tonne this year, recovering after a 1% fall in 2010, the UN’s Food and Agriculture Organisation (FAO) said on Tuesday in its first estimate...