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Onion prices in increase
India
Wednesday 06 October 2010
FJ
Losses due to the monsoon, added to the strong foreign demand, make an increase on Indian onion prices.
India is the 2nd most important producer of onion to the world.
Rise in export demand coupled with damage to the existing stock because of relentless rains has sharply pushed up retail price of onion and potato in the last few weeks.
According to department of consumer affairs data, retail prices of onion on markets such as Delhi, Kolkata and Mumbai have increased by 91%, 92% and 75%, respectively, on August 2nd and September 20th.
To slow down the internal prices, India discouraged the exports by increasing the minimal prices in the export (MEP). MEP has increased from 75 $ to 400 $ the ton.
According to the analysts, prices will not fall before the next harvest which is planned for the end of October in certain provinces.
Source: financial express.
