Prices of the potatoes dropped after traders who were holding on to their stock in expectation of further hike in the prices started offloading them. On the other hand, during the same time soyabean oil has become costlier by 6% as the market players assume that growers will soon roll out the fresh soyabean for the season.
If reports are to be believed, traders decided to release their stocks after waiting for some time in anticipation of their prices going up. However, potato prices remained stable post a decent initial jump in the market.
After the recent slump, Jyoti Potato, a common variety in India's domestic market, was being sold at a soaring price of Rs 30 per kg, though the latest offloading has brought it down to Rs 22 per kg. Reports suggest that potato prices are likely to see a further crash in the coming days.
The demand for soyabean oil usually rises during the pre-winter and winter season, and its prices at present have gone up to Rs 148 per litre within the time frame of last 10 days.
The crop producers not offloading their stocks as well as the traders not initiating to import edible oils from the international market and wholly relying on the local farmers are the two factors rooting behind the rapidly rising prices of soyabean oil.
Meanwhile, if metro cities and urban regions are concerned, the retail prices of common vegetables have skyrocketed to Rs 120 per kg, as compared to Rs 80 per kg earlier. Traders and producers have listed factors such as high fuel prices, unseasonal rains, and crop damage behind this hike.
Talking of the healthy red fruit tomato, the major crop grower states including Gujarat, Maharashtra, and Karnataka have suffered hefty amount of unwelcomed rains, as a result to which prices for it went up to Rs 40-50 in wholesale and Rs 60-80 in the retail markets for past three weeks. If the new crop is offloaded by late November, it might bring some relief to the soaring cost of tomatoes.
Apart from the prices of vegetables and edible oils, the retail market has also seen a price hike for grains and milk, and the trend is likely to continue in the coming months.
A hassle between the consumers and policy makers of the country has emerged owing to the rising inflation and shooted up prices of essential edibles. Experts believe that if the authorities are able to initiate offloading of domestic production by November mid, a massive relaxation in the retail market can take place by next month.
