BANGLADESH: RISING PRICES OF ONIONS
Vegetable Market, Patna, Bihar, India: Source: Bart Minten/IFPRI
Onion prices have reached all-time high, not only in India but also in Bangladesh, and is mostly pinching the pockets of the country’s low-income population. According to The New Age, onion prices jumped by Tk 15-20, per kg domestically supplied onions were selling at Tk 80-90 per kg, while imported onions were selling at Tk 90-95 per kg on the retail market in Dhaka, Bangladesh.
Unfavourable weather conditions in India, in the major production zone, caused the recent rise in onion prices. In Bangladesh, anticipating a decline in imports, and to make extra profits, traders began stockpiling onions further limiting supply and rising prices.
A recent Bangladesh Policy Research and Strategy Support Program (PRSSP)-IFPRI report, Sudden Onion Price Surge in Bangladesh: A Situation Analysis for Policy gives insights on why onion prices are rising and analyses short, medium and long term policies for future actions.
In News
New Age: Onion price shoots up to Tk 95
The Daily Star: Price rockets due to trading racket
Financial Express: IFPRI for reducing dependence on India
Related material: IFPRI Blog post on: Onion Prices Bring Tears to the Indian Government
