Food prices in India

4 April 2008

According this story on the BBC website, inflation in India has hit a three-year high and is being blamed on increasing food and energy costs.

The government has taken action to combat the prices by banning the export of non-basmati rice and scrapping import duty on other food goods.

Such is the concern, the county’s Economic Times says the government is considering capping food prices if these measures fail, invoking a law not used since the 1970s.

If a country becomes more protectionist, does it inhibit buyers from sourcing its goods and services?

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