Indian Onion Prices Surged by 40% From Aug-23 to Oct-23 Due to the Impact of Export Tax and Excessive Rainfall

In Aug-23, onion wholesale prices stood at USD 0.20/kg but rose to USD 0.28/kg in Oct-23, representing a 40% increase. This was mainly due to India's 40% export tax on onions to control inflation. High local prices and excessive rainfall in key onion-producing regions triggered the increase.