In an article published in the Economic Times today, Swaminathan S A Aiyar reveals that global food prices play a major role in driving Indian food prices contradicting to a general belief that Indian food prices are regulated by minimum support prices. The article enlighten the role of global food market and Indian government's inability to open the Indian food market led to a sharp rise in the food prices in India (all three segments viz., cereals, proteins and vegetables). Before talking about the role of these two players viz., Chicago food market and the Indian government, Mr. Aiyar informed ET's readers that global wheat and maize prices have crashed spectacularly from $8.50 per bushel for much of 2013 to $5.70 per bushel and $7 per bushel in early 2013 to $4.13 per bushel, respectively. He expects it to bring down food inflation in India. The interesting part of the article focuses on relationship of global and Indian food market and how the gover...