STO lowers onion prices
Prices rose due to “severe” onion shortage in India due to heavy rains and flooding.
Previous market price for a kilo of onion was MVR70
State Trading Organisation (STO) has intercepted the rising market prices of onion kilos, following the “severe” onion shortage in India due to heavy rains and flooding.
Speaking in regard to India’s ban of onion exports, STO’s managing director Husen Amru Mohamed Rashad, announced via twitter that the public company has brought in a supply of onions by airfreight to “stabilize the market”.
Following the arrival of the onion shipment, STO has announced that a kilo of onion will be available for MVR40 at STO supermarket.
This comes at a time when the market price of onions has skyrocketed up to MVR70 per kilo. While some stores have run out of their stock of onions, others are selling 100kg sacks of onions for MVR1200.
While the prices of an onion kilo hiked most recently in September, the prices fell to MVR20 per kilo after October 21st.
Heavy monsoon rains in India which damaged crops and limited supplies resulted in the upsurge of the inflation rate, resulting in an onion kilo being sold for 165 rupees (approx. MVR35.92) in the neighbouring country.
