Onion prices in the Maldives market has once again surged reaching to MVR 400 per sack.
Onions are currently sold in the market at prices between MVR 390 to MVR 400 per sack while a kilogram is sold between MVR 20 to MVR 25.
Prior to this price inflation, onions were sold at MVR 12 and MVR 15 per kilogram.
A local vendor said the prices of onion rose due to the rise in purchase cost from foreign agents and suppliers. Maldivian vendors currently have to spend MVR 365 to purchase a sack of onion from India, which is an MVR 50 increase from the previous price.
Previously onions were sold between MVR 200 to MVR 225 per sack, which increased to MVR 300 per sack in August 2023.
Meanwhile in India, onion prices have recently observed a 50 percent increase. Following a shortage in onion supply, exporters inflated price on the vegetable to meet demands.
India, which is one of the biggest exporters of onion had taken the drastic move to up the prices owing to nationwide shortage.
However, this price inflation will not directly impact the prices in the Maldives according to the Minister of Economic Development who said that onions were imported from India under a special tariff.
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