#onion price hike news

[lxstxr13]

Today, at 12:45AM of January 3rd 2023. I am now realizing a few things I failed to notice before the end of last year.

First off, it felt incomplete to celebrate such festivities because of our recent loss which is our dog whom I loved.

Second, I celebrated the year sick. Then in the morning I felt even more sick.

Third, I am quite sad because there's something missing. I know what it is but I don't know how to recuperate this feeling.

Fourth, I have been in an accident twice the last month of last year.

Lastly, the start of 2023 feels normal. I have not yet read any news about negativity nor any bad news besides the price hike of onions.

2023 deems to be am interesting year for me. The last months of 2022 may have tested me in so many different aspects of life especially in terms of losing someone you love.

I just hope 2023 will be a good year for me as I look forward on changing my pandemic self.

[palmoilnews]

TOP NEWS Agricultural Commodities > USDA reports corn harvest 14% complete, soy 13%; ratings unchanged > Russian wheat export prices rise slightly as shipments decline > EU crop monitor MARS cuts maize yield forecast, lifts sugar beet > Brazil's soybean planting hits 0.9% of expected area, AgRural says > COLUMN-Crop Watch: I-states lead retreat in yield expectations -Braun > GRAINS-Soybeans climb on supply risks, short-covering; corn, wheat also up > EU challenges China's dairy product probe at WTO > SOFTS-Coffee futures rise sharply, raw sugar turns negative > Brazil ethanol producer Raizen concerned drought could hurt next sugarcane crop > Highfield Resources to raise $220 mln, buy potash project in Canada > Dryer weather, soil moisture help Ivory Coast's cocoa crop grow > EXCLUSIVE-Indian refiners cancel palm oil contracts on duty hike, price rise > India to sell onions from reserves to check prices, official says > Value of Uganda's coffee exports up 83% in August, regulator says > Vietnam live pig prices rise after floods hit farms

[novumtimes]

Govt implements farmer-friendly policies cuts export barriers in first 100 days: Coop Min Amit Shah

NEW DELHI, Sep 17 : The government has implemented several farmer-friendly policies in its first 100 days of the third term, focusing on improving agricultural productivity and exports, Cooperation Minister Amit Shah said on Tuesday. Addressing a press conference, Shah said the government has implemented policies worth Rs 15 lakh crore across 14 sectors in its first 100 days. The minister highlighted key achievements in the farm sector, including the disbursement of Rs 20,000 crore to 9.5 crore farmers under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme. “We have disbursed the 70th installment under PM-KISAN. So far, Rs 3 lakh crore has been disbursed to 12.33 crore farmers,” Shah said. The PM-KISAN offers an annual benefit of Rs 6,000, distributed in three equal instalments of Rs 2,000 every four months, directly into the bank accounts of eligible farmers through the Direct Benefit Transfer (DBT) system. The minister said that farm policies are being implemented keeping in mind the welfare and prosperity of the farming community. “This will help boost the country’s foodgrains production and exports, thereby improving farmers’ plight,” he added. Highlighting the government’s commitment to farmers, Shah said, “Compared to the UPA regime, the Modi government has procured more crops at MSP. This shows the NDA government is committed towards the farmers”. The minimum support price (MSP) for 2024-25 kharif (summer) crops has been hiked, he noted. To boost ethanol production, the minister said sugar mills are being converted into multi-feed distilleries. “Now, mills can make ethanol not only from sugarcane juice but also from maize. Ethanol will be made from maize when sugarcane juice is required for making sugar in the country. Ethanol from sugar juice will be made when there is higher sugar production,” he explained. In a move to support exports, the minister said the minimum export price (MEP) on onion and basmati rice has been scrapped. These policies are part of the government’s broader strategy to enhance farmer welfare and boost India’s agricultural exports, Shah said. (PTI) Source link via The Novum Times

[kspp]

The Sri Lanka Economic Crisis

Sri Lanka’s economic collapse is really very tragic. For a long time, the country was projected to be the next Asian tiger, but it is currently struggling to keep its balance sheet in order. Several factors have driven the economic situation to the point where it is currently, including the government trajectory.

The Sri Lankan government declared an economic emergency in late August last year, citing rising inflation, a weakening currency, and rapidly depleting foreign exchange reserves. However, none of the policies that the country has employed have been able to improve the situation. And now, the government of Gotabaya Rajapaksa has been shaken by a wave of spontaneous protests that have swept the country, threatening its survival.

While the epidemic has played a role in the economic downturn, the difficulties are mostly the result of its own actions. In 2019, populist tax cuts supported by money printing triggered a balance of payments problem. Despite repeated warnings from independent analysts, the government has stuck to its domestic policy of import substitution to save money.

Let us attempt to shed some light on the various aspects of Sri Lanka’s economic position that have resulted in the country’s current dilemma.

The Forex problem

Sri Lanka’s foreign exchange reserves are critically low, with only enough dollars to cover imports for less than two months. At the end of July, Sri Lanka had only $2.36 billion in foreign currency, compared to $6.93 billion in August 2020. The Sri Lankan rupee had lost 7.5% against the US dollar by the end of 2021.

In a bid to protect the local currency, Sri Lanka’s Central Bank hiked interest rates late last year, making it the first central bank in Asia to do so since the outbreak. Sri Lanka has typically borrowed to fuel its expansion, but throughout most of its history, it has benefited from low-interest concessionary loans.

Sri Lanka, however, had to rely on new finance sources once it reached middle-income status. According to a February 2021 article in The Diplomat, commercial borrowings accounted for 56 per cent of Sri Lanka’s foreign loans by the end of 2021, largely in the form of International Sovereign Bonds.

The impact of the balance of payments crisis has resulted in higher prices for items such as sugar, rice, onions, and potatoes, as well as long lineups outside stores, due to shortages of milk powder, kerosene oil, and cooking gas.

In addition to this, there are several more aspects to consider: The local economy has also been harmed by a drop in tourism, which accounts for nearly 10% of Sri Lanka’s GDP. The third-largest source of foreign exchange was tourism. Surprisingly, the tourism slump occurred before COVID-19: in 2019, tourist footfalls fell by 18%, the first drop in nearly a decade of constant increase.

The government appeared to believe that its troubles were mainly due to the virus, and that things would rapidly return to normal once tourism increased, however, this has also not been the case.

Economic policy: a factor in worsening situation in Sri Lanka

Gotabaya issued massive tax cuts shortly after taking office. In 2020, revenue is expected to drop by roughly 30%. After that, the government went on a money-printing binge. Between December 2019 and August 2021, the amount of money poured into the economy increased by 42%.

Even while people were grappling with rising prices and scarcity, Gotabaya struck again. His government outlawed the use of chemical fertilizers completely in May, 2021. Farmers were unable to sow at the start of the monsoon season due to the rain.

Food output fell and prices climbed as a result of this erroneous attempt to preserve foreign exchange by restricting the import of things like chemical fertilizers. At the same time, to service international debt, available foreign reserves were drained anyway. To put it into perspective, one should note that the agriculture sector employs two-thirds of Sri Lanka’s population.

The continuing problem

Over the past year, public discontent has grown as a result of increased costs and shortages of commodities such as cooking gas, food, and medicines. In January, fuel grew scarce, and power outages became increasingly common. As the country entered its hot season, queues for basic commodities and services stretched for miles, forcing consumers to spend hours in the sweltering heat.

In the first week of March, the currency plummeted and public outrage erupted as power outages were extended to up to 10 hours every day. For several weeks, a wave of spontaneous nonviolent public protests swept the country, expressing a compelling demand for change, but the government, strangely, did not respond or even acknowledge the problem.

[hardynwa]

Inflation: Lagos food traders decry price instability

Some food traders in Lagos State have decried the instability of produce prices as well as the continued inflation in the country. The traders made their complaints in separate interviews with the News Agency of Nigeria (NAN) on Tuesday in Lagos. Mr John Nwabueze, a food trader at Agege Market, said the unpredictability of food prices had limited the trade as they could no longer take large stocks. “The prices of most food items are currently unstable; we cannot even predict the prices anymore. “The prices are volatile, and we can no longer stock as we used to, or we may run at a loss. “The price of rice has started rising again; a 50-kg bag of short-grain rice now sells for as much as N80, 000 and above; last week, it was sold for N76, 000 to N77, 000. “50kg long grain rice sells for N90,000 per bag, and we do not know the reasons for the hike in the price because it sold for N88,000 last week. “A 100kg bag of beans sells for N144, 000 and a 50kg bag sells for N72, 000; we used to buy the 100kg for N154, 000 to N155,000, but it has dropped now. “Garri is still very expensive, as a paint bucket now sells for N3000 as opposed to N900 to N1000 before; a bag of garri now sells for N45,000 as opposed to N23,000 before the hike,” Nwabueze said. On her part, Mrs Judith Amen, a foodstuff trader at Mile 12 Market in Lagos, said the “ups and downs in the price of produce have made most traders wary of the trade. “We do not even understand the situation; the price of foodstuffs has been fluctuating for a while now. “Currently, the price of a 50-kg bag of short-grain rice sells for N82,000, while long-grain rice sells for between N88,000 and N90,000 per bag. “A week before now, a bag of long-grain rice sold for N78,000, so the hike this week is unprecedented. “A bag of 100 kg of beans sells for N140,000, as against N120,000 we bought two weeks ago. “A 25-kg gallon of refill groundnut oil sells for N45,000, while the sealed gallon sells for N55,000 per gallon,” Amen said. According to her, the price of tomatoes is also fluctuating because last week we bought them for as much as N35, 000 per basket, but as of this week, it is N22, 000 per basket, which means the price is unpredictable. “When tomatoes become affordable, pepper becomes more expensive; a small bag of pepper now sells for between N35,000 and N41,000. “The prices of sweet and Irish potatoes are on the high side; a bag of sweet potatoes is N47,000, as opposed to the N12,000 to N18,000 we used to buy them. “A bag of Irish potatoes now sells above N90,000, while a bag of onions sells between N43,000 and N45,000 because of its current unavailability in the market,” she said. Another trader, Mrs Modinat Yusuf, Oja Oba market at Alimosho, lamented the scarcity of some basic food items as well as the continuous hike in the price. “A kilogramme of semolina now sells for as much as N1500 as against N800; a sachet of knoor cubes sells for as much as N1300 as against N700. “The smallest sachet of salt sells for N200 as against N50 before the hike. “A cartoon of spaghetti now sells for 17,000 as opposed to N8000 to N10, 000; we just buy the little we can ensure we sell as soon as possible as the prices are unpredictable,” Yusuf said. (NAN) Read the full article

[newseldrick]

In the Philippines, Onions Are Now More Expensive Than Meat

from TIME

January 9, 2023 5:00 AM EST

Soaring prices of onions in the Philippines led agriculture authorities to announce this weekend that the country would have to resort to importing around 22,000 tons of the vegetable by March, to augment dwindling domestic supply and arrest rising costs.

Onion is a staple of the Southeast Asian nation’s local cuisine—often coupled with garlic as a base of many dishes. The country’s average monthly demand for the vegetable is around 17,000 metric tons.

But as of Monday, Jan. 9, red and white onions in the Philippines were sold for as high as 600 pesos ($10.88) per kilogram, or about $5 per pound, based on the agriculture department’s monitoring of Manila-area market prices.

That’s about three times as expensive as chicken and 25%-50% more expensive than pork or beef, according to the same market monitoring estimates. The cost of a kilogram of onions is greater than the minimum wage for a day’s work in the Philippines.

What’s caused the price increase?

Philippine lawmakers want to investigate the cause of the surge, asserting that President Ferdinand Marcos Jr., who also serves as the agriculture secretary, is “directly accountable.”

Part of the price hike stems from forces beyond individual control. Global inflation—due to a multiplicity of causes including the Russia-Ukraine war, supply chain snags, and extreme weather events—is putting a strain on food prices everywhere.

Inflation in the Philippines hit a record 14-year-high in December, with onion making up 0.3 percentage points of the 8.1% uptick in consumer prices, National Statistician Dennis Mapa said in a Jan. 5 briefing.

But it’s not just inflation.

The business sector blames the agriculture department for failing to make accurate supply projections despite warnings last year. Agriculture officials forecast possible shortages of onion and garlic as early as August, when the local red onion variety only cost at most 140 pesos ($2.54). However, the department resisted importations, insisting that existing supply would be sufficient, even as Philippine farmers warned consumption was expected to rise during the holidays.

Agriculture officials suspect other local crises, such as internal price manipulation, share responsibility for the skyrocketing onion prices, too. Restoperez said on Dec. 13 that the agriculture department believes a criminal syndicate hoarded onion supply, and an investigation is underway.

How is the government responding?

On Dec. 30, the Philippines’ trade department, upon the President’s orders, imposed a “suggested retail price” of 250 pesos ($4.53) per kilogram for onions. But while the trade department can charge those who set prices higher than the SRP with profiteering, it’s hardly enforced. Despite the price ceiling, the cost of onions has stayed high.

Last month, customs authorities intercepted an estimated $362,000 worth of smuggled red onions from China concealed by boxes of bread and pastry products and another $309,000 worth of smuggled white onions in containers supposedly containing garments.

Marcos Jr. said on Dec. 29 that the government was looking for a legal way to sell the smuggled goods to address supply shortfall. Some of the smuggled onions, however, were found unfit for human consumption. Local news network GMA reported that bacteria like E. coli and traces of pesticide were found on some batches, which had to be discarded.

Agriculture assistant secretary Rex Estoperez told Bloomberg Sunday that the just-announced imports will be a “temporary solution,” with new supply arriving no later than the first week of February, before domestic harvests pick up between March and May.

The Philippines also recently came to a bilateral agreement with China to increase agriculture and trade cooperation. It’s unclear if onion imports will be part of such cooperation.

[anantradingpvtltd]

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[irvinenewshq]

Tomatoes and Different Crops Wither in California Drought

The Western drought has come for pasta sauce and ketchup. Processing tomatoes, utilized in innumerable grocery retailer staples, are affected by years of subpar rainfall and snowpack in California. The state, which has traditionally produced about one third of the processing tomato crop’s world provide, is slated to fall wanting (already low) harvest projections on tomatoes and different meals, as first reported by Reuters. With much less tomato, onion, and garlic being efficiently grown , customers ought to anticipate costs on the cabinets to go up, the president of the California State Board of Meals and Agriculture, Don Cameron, advised Reuters. From the outlet: “What you’re seeing harvested this summer time, that basically hasn’t even hit the grocery shelf, is a 25% improve in the price of the product to the processors – the canners, the patrons downstream,” he mentioned. “The onions and garlic have already been negotiated for 2023, with one other 25% improve in worth.” Cameron mentioned tomato costs face an identical hike, leading to a 50% improve in value to canners and processors from 2021 to 2023. In August, the U.S. Division of Agriculture forecast that processing tomato manufacturing could be 2% under the earlier yr’s manufacturing and 10% under what had been projected in Might, just a few months earlier than. Then, only a month later, the Processing Tomato Advisory Board estimated that growers would solely be capable to meet 82% of that already low goal purpose. California and far of the West have entered the fourth yr of an ongoing, historic drought that’s left the Colorado river at file low ranges. As of writing, the total state is in drought, and a big chunk of the Central Valley is underneath “Distinctive Drought.” August 2022 marked the driest three-year interval in the entire Golden State’s recorded historical past. Beforehand, dry circumstances have additionally affected sriracha and almond bushes. And local weather change is sort of actually making issues worse. Tomato yields in California and elsewhere might decline by about 6% as a result of local weather change over the subsequent 3 a long time, in response to a research printed in June within the journal Nature. Present ranges of human-caused warming made the West’s drought 20 instances extra doubtless than it could’ve been in any other case, in response to a just lately launched report from World Climate Attribution. Drought and the rising crop challenges aren’t simply the results of lack of rainfall, but in addition heatwaves, and skinny snowpack leading to much less soften to feed the waterways. Plus, there’s the restrictions put into place to attempt to protect the remaining water. The Colorado river’s decline imperils consuming water provides, agriculture, and additionally electrical energy manufacturing throughout the West—the place hydroelectric accounts for greater than one fifth of all vitality, in response to the Nationwide Hydropower Affiliation. As a way to stop dams from dropping their energy capability, reservoirs like Lake Powell and Lake Mead must be maintained at sure ranges, and fewer water is being launched to states till extra water falls from the sky. But, when a brief collection of rainstorms lastly did materialize on the finish of September in CA’s Central Valley, it wasn’t all excellent news. The remoted rains, which weren’t sufficient to revive soil moisture, fell on the unsuitable time—inflicting outbreaks of mildew on the near-ripened tomatoes, rendering the fruits unsellable, in response to an article from the outlet Tomato Information. “Processing tomato harvest resumed, however mildew points elevated as a result of current rain…Natural cherry tomato harvest neared completion as a result of harm from moist circumstances,” confirmed the most up-to-date USDA report on California’s crops. Originally published at Irvine News HQ

[jankalyan]

Onion Prices Soar And Twitterati Get Creative - See Hilarious Memes Here

Onion Prices Soar And Twitterati Get Creative – See Hilarious Memes Here

Onion price surge got out the creative best from netizens.

Highlights

Onion prices recently began surging after shortage in supply

#OnionPrice began trending on Twitter

Here are the best memes that netizens came up with

Onion prices have been skyrocketing across wholesale markets across India. With prices ranging between Rs. 80 to Rs. 120 in a number of cities, the government has banned the…

[trendsfashion27]

Onion Prices Soar And Twitterati Get Creative - See Hilarious Memes Here

Onion Prices Soar And Twitterati Get Creative – See Hilarious Memes Here

[ad_1]

Onion price surge got out the creative best from netizens.

Highlights

Onion prices recently began surging after shortage in supply

#OnionPrice began trending on Twitter

Here are the best memes that netizens came up with

Onion prices have been skyrocketing across wholesale markets across India. With prices ranging between Rs. 80 to Rs. 120 in a number of cities, the government has…

[newsyaari]

Onion Costs Jump And Twitterati Get Inventive - See Hilarious Memes Right here

Onion Costs Jump And Twitterati Get Inventive – See Hilarious Memes Right here

[ad_1]

Onion price surge got out the creative best from netizens.

Highlights

Onion prices recently began surging after shortage in supply

#OnionPrice began trending on Twitter

Here are the best memes that netizens came up with

Onion prices have been skyrocketing across wholesale markets across India. With prices ranging between Rs. 80 to Rs. 120 in a number of cities, the government has…

[newzzhub]

Onion Prices Soar And Twitterati Get Creative - See Hilarious Memes Here

Onion Prices Soar And Twitterati Get Creative – See Hilarious Memes Here

[ad_1]

Onion value surge acquired out the artistic greatest from netizens.

Highlights

Onion costs not too long ago started surging after scarcity in provide

#OnionWorth started trending on Twitter

Here are the very best memes that netizens got here up with

Onion costs have been skyrocketing throughout wholesale markets throughout India. With costs ranging between Rs. 80 to Rs. 120 in various…

[go-21newstv]

Onion Costs Soar And Twitterati Get Inventive - See Hilarious Memes Right here

Onion Costs Soar And Twitterati Get Inventive – See Hilarious Memes Right here

[ad_1] Onion worth surge bought out the inventive finest from netizens.

Highlights

Onion costs not too long ago started surging after scarcity in provide

#OnionPrice started trending on Twitter

Listed here are the perfect memes that netizens got here up with

Onion costs have been skyrocketing throughout wholesale markets throughout India. With costs ranging between Rs. 80 to Rs. 120 in quite a…

[hardynwa]

Inflation: Lagos food traders decry price instability

Some food traders in Lagos State have decried the instability of produce prices as well as the continued inflation in the country. The traders made their complaints in separate interviews with the News Agency of Nigeria (NAN) on Tuesday in Lagos. Mr John Nwabueze, a food trader at Agege Market, said the unpredictability of food prices had limited the trade as they could no longer take large stocks. “The prices of most food items are currently unstable; we cannot even predict the prices anymore. “The prices are volatile, and we can no longer stock as we used to, or we may run at a loss. “The price of rice has started rising again; a 50-kg bag of short-grain rice now sells for as much as N80, 000 and above; last week, it was sold for N76, 000 to N77, 000. “50kg long grain rice sells for N90,000 per bag, and we do not know the reasons for the hike in the price because it sold for N88,000 last week. “A 100kg bag of beans sells for N144, 000 and a 50kg bag sells for N72, 000; we used to buy the 100kg for N154, 000 to N155,000, but it has dropped now. “Garri is still very expensive, as a paint bucket now sells for N3000 as opposed to N900 to N1000 before; a bag of garri now sells for N45,000 as opposed to N23,000 before the hike,” Nwabueze said. On her part, Mrs Judith Amen, a foodstuff trader at Mile 12 Market in Lagos, said the “ups and downs in the price of produce have made most traders wary of the trade. “We do not even understand the situation; the price of foodstuffs has been fluctuating for a while now. “Currently, the price of a 50-kg bag of short-grain rice sells for N82,000, while long-grain rice sells for between N88,000 and N90,000 per bag. “A week before now, a bag of long-grain rice sold for N78,000, so the hike this week is unprecedented. “A bag of 100 kg of beans sells for N140,000, as against N120,000 we bought two weeks ago. “A 25-kg gallon of refill groundnut oil sells for N45,000, while the sealed gallon sells for N55,000 per gallon,” Amen said. According to her, the price of tomatoes is also fluctuating because last week we bought them for as much as N35, 000 per basket, but as of this week, it is N22, 000 per basket, which means the price is unpredictable. “When tomatoes become affordable, pepper becomes more expensive; a small bag of pepper now sells for between N35,000 and N41,000. “The prices of sweet and Irish potatoes are on the high side; a bag of sweet potatoes is N47,000, as opposed to the N12,000 to N18,000 we used to buy them. “A bag of Irish potatoes now sells above N90,000, while a bag of onions sells between N43,000 and N45,000 because of its current unavailability in the market,” she said. Another trader, Mrs Modinat Yusuf, Oja Oba market at Alimosho, lamented the scarcity of some basic food items as well as the continuous hike in the price. “A kilogramme of semolina now sells for as much as N1500 as against N800; a sachet of knoor cubes sells for as much as N1300 as against N700. “The smallest sachet of salt sells for N200 as against N50 before the hike. “A cartoon of spaghetti now sells for 17,000 as opposed to N8000 to N10, 000; we just buy the little we can ensure we sell as soon as possible as the prices are unpredictable,” Yusuf said. (NAN) Read the full article