Regular Update
ATM News Network: Onion is also ready to draw tears from consumers. Its prices have started increasing in the markets. Although there has not been any significant increase in retail prices yet, its prices may also increase in future. Rating agency CRISIL has predicted the retail price of onion to double in a month. The strike called by traders at Lasalgaon market is affceting the overall prices of onion in country. Trade of about Rs 200 crores has been lost in last four days due to strike in a Nashik district alone.
This month, an increase in the wholesale price of onion is being seen in the major markets. This month, the model price of onion in Lasalgaon, an important market of the major onion producing state Maharashtra, at which price it is mostly sold, has increased from Rs 1,370 to Rs 1,700 per quintal. In Karnataka's Bengaluru mandi, the price of local onion has increased from Rs 1,200 to Rs 1,700 per quintal, while in Delhi's Azadpur, the price of onion has increased from Rs 1,450 to Rs 1,850 per quintal.
As per the information in media the onions kept in the warehouses have started spoiling. Its prices may increase further in the markets in future. As the produce is getting spoiled, so the farmers will take it out quickly for a few days. After the release of this onion, there may be a shortage of good quality onion in the market. Apart from this, Kharif season onion has been damaged due to rain shortfall and its arrival may be delayed by 10 to 15 days. In such a situation, onion prices will start increasing rapidly from the end of this month and the price may cross Rs 25 per kg. Currently this price is Rs 15 to 18 per kg.
Slight increase in retail prices of onion, possibility of further increase in future
According to the Consumer Affairs Department, at present the average retail price of onion across the country is Rs 27.77 per kg, whereas on the first of this month this price was Rs 27.27 per kg. In this way, the average retail price of onion has increased by only 1.83 percent this month. The retail prices of onion may not have increased much at present, but there may be a huge increase in its prices in future. Rating agency CRISIL has predicted the retail price of onion to double to Rs 60 to Rs 70 per kg within a month. According to traders and farmers, wholesale prices may increase rapidly in the coming days. Due to this, onions are likely to become costlier in the retail market.
