India’s CPI (Consumer Price Index) inflation rose to a 17-month high of 6.95 per cent in March 2022, exceeding the Reserve Bank of India’s inflation target for three consecutive months. The prices of wheat and wheat products in the country have gone up by 15-20 per cent while global wheat prices are at a 14-year high. The escalation in global wheat prices is driven by the ongoing geopolitical turmoil—Russia’s war on Ukraine, which has led to massive supply disruptions.