A 494% jump! Here’s how rising commodity prices have impacted your kitchen budget in just 4 months

Your kitchen budget must have increased in the last four months with rising prices of essential vegetables including tomato, potato and onion. Data available with CMIE Economic Outlook showed that prices of tomatoes have increased substantially by 494 per cent, or nearly 6 times, so far in the ongoing financial year due to irregular weather conditions. The commodity's price increased to Rs 140.10 per kg on August 3, 2023 from Rs 23.60 per kg on March 31, 2023. 

Likewise, prices of potatoes and onions have also surged by 28 per cent and 18 per cent, respectively, during the same period. Data further highlighted that prices of arhar dal, jaggery, urad dal, rice, moong dal, sugar, gram dal and milk have also increased somewhere between 2 per cent and 18 per cent so far in FY24.

Prices of select spices and condiments also witnessed a rise in prices since April 1, 2023. Take this: prices of ginger have increased by more than 107 per cent to Rs 12,997.90 per quintal from Rs 6,743.50 per quintal on March 31, 2023. It was followed by garlic (up 76.30 per cent), turmeric (up 67.10 per cent), pepper (up 13.60 per cent) and coriander (up 4.4 per cent).

While sharing its view on turmeric, SMC Global Securities in a report said, “Farmers and stockists are reluctant to release their stocks in anticipation of further rise in prices due to lower sowing acreage and lower ending stocks. Sowing activities have been slower due to weather concerns in major producing states like Maharashtra and Telangana.”

According to the Spices Board, export of spices for April-May 2023 stood at 3,27,400 tonnes, up by 39.70 per cent compared to same period last year. Exports of coriander shot up by 373 per cent to 36,932.86 tonnes compared to the same period last year, turmeric exports too rose to 39418.73 tonnes, up by 27.5 per cent.

On the other hand, prices of sunflower oil declined the most by 14 per cent during the same period. Mustard oil, soya oil, palm oil and vanaspati oil also declined by 10 per cent, 8 per cent, 7 per cent and 3 per cent, respectively, so far in FY24.