Prices surge to a record 111 rupees per kg on Dec 17 compared to the average price of 15 rupees in June and July. FMTNews
NEW DELHI: India’s rampant onion prices may finally be running out of steam, with fresh supplies of the pungent vegetable set to hit the market next month.
A new onion crop should help ease what has been a catastrophic year for the vegetable in the world’s second-most populous nation. Soaring prices have been blamed for accelerating food inflation and even triggering onion thefts and fist fights, according to some reports. The country usually produces more onions than it needs. But this year, heavy rains and flooding damaged stockpiles as well as the monsoon crop in the main growing areas, according to Siraj Hussain, a visiting senior fellow at the Indian Council for Research on International Economic Relations in New Delhi.
The government sought to control prices by banning exports, restricting hoarding and increasing imports, yet the rally continued with shipments from overseas not due to arrive until Dec 27.
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