Over the past two days, wholesale onion prices have observed a steady increase at Bengaluru's Yeshwantpur Agricultural Produce Market, with forecasts indicating that retail prices may escalate to INR 100 ($1.21) per kilogram if the current trend continues. As of Thursday, premium onions were retailing for INR 70-80 ($0.85-$0.97) per kilogram, whereas lower-quality onions, which were available for around INR 40 ($0.49), were reported to be of inferior quality. The expectation among traders is for onion prices to rise in the forthcoming weeks. The Agricultural Produce Market Committee (APMC) received approximately 100,480 bags of onions, including 8-10 lorries of high-quality old stock from Maharashtra, quoted between INR 7,200 and INR 7,500 ($87.51-$91.19) per quintal, while the price range for local varieties was INR 1,500 to INR 5,500 ($18.23-$66.80) per quintal.
Recent torrential rains in Karnataka have adversely affected a significant portion of the local onion crop, diminishing its shelf life and resulting in lower prices for onions grown in the state. These onions are being transported to Bengaluru from areas such as Chitradurga, Bagalkote, Gadag, and Koppal, according to B. Ravishankar, a trader at Yeshwantpur APMC. The combination of limited supplies and reduced quality is anticipated to drive onion prices higher, impacting household budgets. This escalation in onion costs reflects a wider trend of rising vegetable prices in the region, driven by diminished stocks and unfavorable weather conditions. In regions like Uttara Kannada, where vegetable yields have been notably low this season, produce is being imported from adjacent districts including Belgaum and Dharwad. The heavy rainfall has resulted in extensive crop damage and spoilage, leading to a scarcity that has sharply increased prices. With the Diwali festival approaching, the demand has further exacerbated price hikes, with the cost of common vegetables such as peanuts doubling to INR 80 ($0.97) per kilogram and a single lemon reaching INR 5 ($0.061) due to the constrained supply.
Source: East Coast Daily