Tridge summary
In India, potato prices have surged significantly due to a decrease in yield, primarily attributed to erratic rainfall patterns, including untimely rains in November last year and recent April showers, adversely affecting the crops. This has led to a notable increase in retail prices to Rs 26 per kg, a 10.18% rise month-on-month and a 32% hike year-on-year, with wholesale prices also climbing. The production shortfall is especially pronounced in key potato-producing states such as Uttar Pradesh and West Bengal, where there's been a 10-12% reduction in cold storage loading. This situation is compounded by farmers withholding stocks in anticipation of further price hikes, amidst expectations of a reduced overall yield for the year. The agriculture ministry's initial forecast for 2023-24 indicates a fall in potato production to approximately 58.99 million tonnes from 60.14 million tonnes the previous year, highlighting the impact of adverse weather conditions on crop output.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
New Delhi: Potato prices have risen sharply on account of lower yield due to the damage caused to crops by erratic rains in November last year.The all-India retail price for potato was Rs 26 per kg on Saturday, up 10.18% month-on-month and 32% year-on-year, showed data from the Department of Consumer Affairs.The wholesale prices of the kitchen staple stood at Rs 1,944 per quintal on Saturday, 11.44% higher month-on-month and 33.18% higher than last year. The output has fallen in two major producing states of Uttar Pradesh and West Bengal, said potato traders. "The loading in cold storage is reported to be 10-12% lower at present," said Gopal Sharma, a potato trader from UP, adding that due to lower production farmers are not willing to dispose of their stocks immediately as they are waiting for prices to rise.Traders said potato prices are expected to stay high as the overall yield is expected to be low this year. The production of potatoes in 2023-24 is expected to have fallen to ...
Source: Economic times
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