India's Onion Prices Surged 41% YoY in Jan-24 Amid Supply Shortages and Export Restrictions

In Jan-24, onion prices in India soared by 41.07% YoY, reaching USD 0.27/kg, although they experienced a significant 47% MoM decline from their peak in Dec-23 at USD 0.51/kg. Various factors, including delayed arrivals, export restrictions, and adverse weather, drove the price surge, prompting government intervention through measures like maintaining a significant onion buffer and imposing export restrictions to stabilize prices amidst sharp wholesale price inflation.