Merchants expect young coconut prices to hike soon
The price hike is estimated to occur due to a drop in production
Coconut prices are predicted rise due to a drop in production
Merchants at the local market in capital city Malé say they expect the prices of young coconuts to hike in the upcoming week.
The price hike is estimated to occur due to a drop in production. While the wholesale price is predicted to rise to MVR 20 to 25 each, they are forced to sell at between prices of MVR 25 and 50, merchants say.
The majority of coconuts available at the market in Malé are harvested in Fonadhoo and Isdhoo island of Laamu atoll and Thoddoo in Alifu Alifu atoll.
The price at which watermelons are at the local market have also hiked, while coconut prices are predicted to drop.
Ripe coconuts are currently available for an amount between MVR 8-10. While a kilogram of watermelons is sold for up to MVR 25 and 30. This price ceiling for watermelon will soon extend to MVR 35.
A kilogram of fish at the market is available for prices between MVR 25 and 30, while fishermen claim that these rates are predicated to tumble as well.
