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Rising vegetable prices strain budgets as inflation nears RBI limit

Across India, vegetable prices, particularly onions, potatoes, and tomatoes, are on an upward trajectory in urban markets. Wholesale market figures reveal a significant increase in onion prices, with current rates ranging from approximately $0.85-0.97 per kilogram, up from $0.49-0.73/kg the previous week. Retail prices in Delhi have similarly risen, with onions now selling for about $0.73-0.85/kg. Despite the price hike, demand remains steady, attributed to the vegetable's staple status in local diets.

In response to the soaring prices, consumers express concern over the impact on daily consumption patterns. In Delhi, onions were priced at around $0.97/kg as of November 8, with residents hoping for a seasonal price decrease that has yet to materialize. The price surge is prompting calls for governmental intervention to stabilize essential vegetable costs. Mumbai has also witnessed a similar trend, with onion prices hitting approximately $0.87/kg, affecting household budgets significantly.

Tomatoes and potatoes are not spared from the price surge, with tomatoes more than doubling in price to about $0.78/kg compared to last year, and potatoes experiencing a 51% price increase since October 2023. The delayed kharif harvest, attributed to September rains, has contributed to the shortage and subsequent price inflation. This price trend is paralleled by a forecasted rise in India's inflation rate to 5.81% in October, driven by escalating food costs, inching closer to the Reserve Bank of India's inflation tolerance ceiling of 6%.

Source: live mint

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