Vegetable price update: Above-normal temperatures to keep vegetable prices high until June
New Delhi, April 26: Consumers across India are likely to feel the strain as vegetable prices are projected to remain high until June, driven by above-normal temperatures, according to a recent report by CRISIL.
The report underscores the susceptibility of vegetable prices to environmental factors, exacerbated by erratic weather patterns and the looming specter of climate change. Despite concerted efforts by stakeholders to mitigate the impact, including creating buffer stocks and importing vegetables, the perishable nature of these goods poses a formidable challenge. India's inadequate infrastructure, notably the lack of cold storage facilities, further hampers efforts to stabilise prices.
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India, characterised as one of the world's most climatically vulnerable countries, faces escalating risks to vegetable production and prices due to extreme weather events such as heat waves, flooding, and storms. Rising temperatures exacerbate pest infestations, compounding the woes of both farmers and consumers.
The fiscal year 2024 witnessed pronounced fluctuations in vegetable inflation, with prices reaching unprecedented highs. While staples like tomatoes and onions often dominate headlines, other essentials such as garlic, ginger, brinjal, parwal, and beans have also experienced sharp price hikes.
Commenting on the anomaly, the report notes, "Vegetable prices typically follow a seasonal pattern—surging in summers and withering in winters when fresh stocks flood the market. However, this cyclical phenomenon failed to materialise during the winter of fiscal 2024." Vegetables accounted for approximately 30% of food inflation in the fiscal year, disproportionately higher than their 15.5% share in the food index.
The adverse effects of turbulent weather conditions, including El Niño-induced warmth and below-normal southwest monsoons, manifested in disrupted supply chains and diminished crop yields. The Indian Meteorological Department (IMD) forecasts an above-normal southwest monsoon for the upcoming year, yet the distribution of rainfall remains a pivotal factor. With above-normal temperatures projected until June, consumers should brace themselves for sustained high vegetable prices in the foreseeable future.
- ANI
