CNBC-TV18.com
Published May 23, 2024
Potato prices have soared by 40% over the past year, significantly impacting household budgets.
Crop failures in several states have driven up prices, worsening the situation.
Traders predict continued price hikes, offering little hope for relief.
From April 1 to May 23, wholesale potato prices surged by 25%, adding to consumer woes.
Higher summer demand and limited cold storage supply are major contributors to price spikes.
Traders foresee no price relief before Diwali, extending the strain on consumers.
Potatoes usually hit the market in July-August, but demand is peaking earlier this year.
Experts predict no significant price drop before November, maintaining high costs.
According to the Consumer Affairs Ministry, potato prices have risen by 40% in the past year.
Chennai sees the highest prices at over ₹50/kg, while other major cities also experience significant increases.
A year ago, potatoes averaged ₹20.82/kg; now they cost ₹29.80/kg, reflecting the steep price hike.