Onion price rise: After jump in tomato rates, now onion likely to cost more

FE Online, Aug 04, 2017

After a steep surge in prices of tomato, onion prices have also started rising rapidly. The cost of one kilogram of onion was trading at an average price of Rs 23 in Maharashtra’s Lasalgaon wholesale market on Thursday against Rs 12.70 per kg, The Indian Express reported today. Earlier this week the Reserve Bank of India (RBI) cut its benchmark repo lending rate by 0.25% points to 6%. The spike in onion prices has been sudden, just like the one people experienced in the case of tomatoes. It is despite the fact that Lasalgaon wholesale market recorded about 22,000 quintals of onion arrivals on Thursday as compared to 13,000 quintals in the preceding two days, according to The Indian Express report.
Also as it is the month of ‘Shravan’ in the Hindu calendar when onion consumption is supposed to be low, it comes as another interesting part about the price spiral of the bulb. In fact, as per the report, the cost of the essential commodity quoted at an average of only Rs 13.75 per kg in the Delhi market, although, the official arrivals were just 14,263 quintals.

On the sudden price jump of the bulb, the director of the Agriculture Produce Market Committee at Lasalgaon, Nanasaheb Patil, was quoted by Indian Express as saying that it is only a result of demand and supply factors. He said that the traders expect that the demand for onions from North India will pick up once the Shravan month gets over after Raksha Bandhan which is August 7, on the other hand, with the drought in Karnataka, there isn’t going to be any immediate source of supply till about mid-September.
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