India banned wheat exports on Saturday, just days after saying it was targeting record shipments this year, as a scorching heatwave curtailed output and domestic prices soared to an all-time high.
The government said it would still allow exports backed by already issued letters of credit and to those countries that request supplies "to meet their food security needs".
Rising food and energy prices pushed India's annual retail inflation up towards an eight-year high in April, strengthening economists' view that the central bank would have to raise interest rates more aggressively to curb prices. Cashing in on a rally in global wheat prices after Russia invaded Ukraine, India exported a record 7 million tonnes of wheat in the fiscal year to March, up more than 250% from the previous year.
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