Banana Rates reach Peaks! Banana Prices suddenly increase in Hyderabad!
These days the increase in Banana prices is making it difficult for common people to afford them. This is due to the enlargement in the gap between the demand and supply with the increasing shortage of bananas.
According to the latest reports, there was a sudden increase from Rs 23,000 to Rs 26,000 per tonne depending upon the variation in the quality of bananas.
Previously, the price range was between Rs 9,000 to Rs 13,000 per tonne approximately. This price was six months ago when the dozen of bananas were sold in a price range of Rs 20 to Rs 40 in open markets.
In the earlier days, the price of bananas was Rs 10-15 per dozen, slowly increasing to Rs 20-25 and now nearly a century per dozen.
These days, the prices of bananas are being sold in the range between Rs 70 to Rs 100 depending upon the different qualities of the fruit, which makes many people hesitate towards buying the fruit.
For the past two and half years, bananas have been produced and sold in less quantity compared to before.
Earlier, due to the COVID-19 pandemic, people refused to buy bananas for the fear of catching a cold or fever symptoms.
After the COVID-19 pandemic occurred, many farmers stopped cultivating bananas as there was a huge reduction in the supply.
But, recently due to heavy rains and pests, many crops were damaged which affected the proper yielding of bananas. This resulted in an increase in the price of bananas which made it difficult for common people to afford them, thereby becoming the main cause of suffering in the regular losses of the banana growers.
Apart from these reasons, an increase in transportation costs influenced the increase in the prices of bananas in open markets.
The reason for delayed production and fluctuations in weather affected the quality of bananas produced in recent times, which has forced many farmers to use artificial methods for producing the fruit.
These days the number of cart vendors selling bananas has reduced by a large number, especially after the COVID-19 pandemic.
One of the major reasons behind the shortfall of production in bananas is that many farmers’ thousand acres of land are being captured by many corporates and converted into large urban developed areas.
Banana Rates reach Peaks: Overall News
The prices of bananas have started to increase in Hyderabad as well as other parts of the country such as Delhi, Karnataka, and Gujarat.
The fruit which is a basic need for poor people as well as the middle-class population is finding it difficult to afford with the increasing prices.
According to the latest news, bakeries selling chips made from bananas are not able to earn a good amount of profit these days.
This is because the states such as Kerela and Tamil Nadu which are popular for making Banana chips known as Nendran chips, only 2.5 kilograms out of 10 kilograms of bananas can be used for making the chips.
Also, the prices of banana leaves have increased to the price range of Rs 2,000 to Rs 4,000 per bundle, which is double the earlier rate of Rs 1,000 to Rs 2,000 per bundle in Madurai.
The banana exports in between the 9 years have increased from Rs 26 crore in April- May 2013 to Rs 213 crore in April-May 2022.
It is a point to be noted that after 9 years, there is a sudden increase in food prices. Earlier, there was a sudden increase in food prices in the years 2004 and 2013.
Seeing the current situation of the country, it is possible that the prices of bananas may increase more in the upcoming days.
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