NI Bureau
Onion Price Increase: Over the past 15 days, wholesale onion prices at the Lasalgaon Agriculture Produce Market Committee (APMC) have risen by 20% due to a drop in supply compared to demand. According to APMC officials, the arrival of onions has nearly halved at the market.
On Monday, onion prices at the Lasalgaon market in Nashik soared to Rs 26 per kilogram from Rs 17 on May 25. Not only have the usual varieties seen a price increase, but premium-grade onions have also surpassed Rs 30 per kilogram in several regional wholesale markets.
Onions, a staple in Indian cuisine, have experienced a 30-50% price hike due to delayed arrivals. The surge is driven by increased demand ahead of Eid-al-Adha (Bakra Eid). Traders are currently holding onto their stocks, hoping for a relaxation in the central government’s price regulation efforts.
Reasons for the Price Hike
The recent price surge is primarily due to supply-demand imbalances. The onions available in stores from June come from stocks kept by farmers and merchants. Anticipating higher prices due to a predicted decline in the 2023-24 Rabi crops, farmers are withholding their supplies.
