Rising Onion Prices Cause Concerns: Government Intervenes

The retail cost of onions has surged to Rs 70, reflecting a drastic increase from Rs 35 just a week ago. This surge is attributed to the delayed arrival of kharif stocks from major producing states like Maharashtra and Madhya Pradesh. Simultaneously, shallots, previously priced at Rs 100 per kg, are now being sold at Rs 100-120 in retail markets. Despite a post-Onam dip, vegetable prices have been steadily rising over the past week.

Several vegetables have seen notable price hikes: beans now cost Rs 100 per kg (up from 50-60), big chillies are at Rs 150 (previously 60-70), drumsticks are priced at Rs 90 (up from 50-60), cucumbers at Rs 70 (previously 30-40), and bitter gourd at Rs 70 (up from 45-50).

In response to this surge, the Central government has intervened by implementing measures to stabilize onion prices. This includes setting the Minimum Export Price (MEP) of onions at USD 800 per metric tonne (equivalent to Rs 67 per kg) until December 31. Additionally, the government has announced plans to procure an additional two lakh tonnes of onions, supplementing the five lakh tonnes procured thus far. These interventions are aimed at mitigating the impact of rising vegetable prices on consumers and addressing concerns related to inflation and economic stability.

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