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Costly wheat in domestic, international markets to push up biscuit prices


Costly wheat in domestic, international markets to push up biscuit prices rnIn the past month, wheat prices have increased 6.3% as production is expected to be 1.5% lower, in terms of crop acreage, than the earlier estimaternRajesh Bhayani Avishek Rakshit & TE Narasimhan  |  Mumbai/Kolkata/Chennai  rnLast Updated at August 9, 2018 05:40 ISTrnrnrn rn rn rnrn rnrnThe burden of wheat price rise is likely to pinch the smaller players more, given that they do not have the brand loyalty that the larger companies enjoyrnrnALSO READrnBritannia, ITC to hike product prices on account of rising wheat pricernBritannia prepares to launch croissants with longer shelf-life by OctoberrnWe want categories outside biscuits to grow: Britannia MD Varun Berryrn100-year gift: Britannia to issue bonus debentures of Rs 7.2 billionrnWheat prices fall below MSP of Rs 1,735 on fresh arrivals and weak qualityrnrnrnThe biscuit with your tea could soon be more costly, thanks to a sharp rise in wheat prices, both in the domestic and international markets.rnBritannia, which makes both bread and biscuits, and Parle are considering price hikes for their products, as is ITC that sells biscuits, along with Aashirvaad atta. Smaller manufactures are also likely follow suit. In the past month, wheat prices have increased 6.3 per cent. The reason: production is expected to be 1.5 per cent lower, in terms of crop acreage, than the earlier estimate.rnThe government has this year procured more than targeted wheat, in a bid to ensure food security. This has resulted in lower stock in the open market.rnVarun Berry, managing director, Britannia Industries, said, “We will need a price increase. We have ensured adequate wheat supply but at some stage this struggle is going to end. It’s probably going to be a 3-4 per cent price increase, starting in the fourth quarter of 2018-19.” rn

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