India Bans Exports of Edible Oils to control rising prices

India banned exports of all edible oils due to the rising domestic prices and control inflation. The ban will be in place till March 16, 2009.

Rising prices caused the Indian government to ban exports of rice, sugar, wheat, pulses and skimmed milk powder– even raised rice export prices. Ban on exports is another step to control inflation.

Finance Minister Chidambaram yesterday said the government would take steps to curb food prices that have driven up inflation to a nine-month high, reported Bloomberg.

Other edible oils being exported from the country include mustards oil, cottonseed oil and sesame seed oil.

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