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Onion price jumps by Tk30 within seven days

News Desk Food 2024-02-10, 12:05am

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Reports indicate that the price of onions has soared from Tk90 per kg last Friday to Tk120 this week, marking a significant increase of Tk30 within a mere seven-day span in the retail market.



Prices for many kitchen market items have witnessed a reduction over the past week, but the cost of onions remains unchecked. 

Reports indicate that the price of onions has soared from Tk90 per kg last Friday to Tk120 this week, marking a significant increase of Tk30 within a mere seven-day span in the retail market.

Md Salim, a prominent potato-onion seller, expressed his concern, saying: "The price of onions is soaring. The variety I sold for Tk90 just last Friday is now commanding Tk120. Unfortunately, we have little control over these fluctuations. As retailers, we operate on a profit margin determined by our purchasing costs."

When probed about the possibility of price reductions before Ramadan, Salim remained pessimistic. "I see no foreseeable scenario where prices might decrease. In fact, they may continue to escalate."

Echoing similar sentiments, another vendor, Majnu Mia, attributed the price hike to the changing nature of the onions in the market. 

"Fresh onions command lower prices due to their raw state. However, as they dry out, their value increases. This trend is likely to persist," he explained.

Kawsar Hossain, a private employee shopping for potatoes and onions in a kitchen market, expressed bewilderment over the situation. 

"There seems to be no logical explanation for the surge in onion prices. Although the season has ended, prices show no signs of abating," he lamented.

Khokon, another seller, highlighted the adverse impact of high prices on consumer behavior. "Higher prices deter buyers, leading to reduced sales volumes. This, in turn, poses challenges for retailers like us to maintain profitability," he emphasized.