🍌 Banana prices spike in Bengaluru

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Banana rates have reached their highest peaks for the first time in the last five years

Current prices: While the Yelakki variety is costing over β‚Ή65 per kg wholesale and β‚Ή90 in retail, you need to shell out over β‚Ή100 to buy on online platforms! The supply has decreased at the Binny Mill Banana Market, from 250 tonnes/day to 90-100 tonnes/day. 

Why the spike: K.G. Purushotham, president of the Banana Fruits Merchants’ Association, said that during the last 2 years due to COVID-19, farmers received the lowest profit from the crop. It was 25% of the average price, which is why they chose not to cultivate bananas.

  • However, the Horticulture Department officials believe that most harvests are planned to take place during the festive season. They believe the prices will remain high till the supply increases and it eventually stabilizes.

What now: The prices are expected to remain high through the upcoming festivities and maybe even beyond that, most traders claimed.

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