Onion Prices in Russia Reach Five-year High: Report

The prices of onions in Russia have already reached a record high for at least the last 5 years and continues to rise rapidly, EastFruit reports.

Since the beginning of this week, onions from Russian farms have risen in price by an average of 30%. Today, farmers offer high-quality onions at 30-40 rubles/kg ($0.46-$0.61/kg), whereas a week ago the price for high-quality products did not exceed 32 rubles / kg ($ 0.49/kg).

According to experts, the reason for this price growth is a fairly high demand for onions in the domestic market. At the same time, more and more often, market participants receive complaints about the lack of supply of high quality products.

Wholesale companies are trying to compensate for this problem by importing onions from new crops from Kazakhstan and Uzbekistan, analysts say. Better quality imported onions, but at the same time more expensive, are offered in Russia in limited quantities at a price of 38-43 rubles/kg ($0.58-0.66/kg).

Today, onion prices in Russia are on average three times higher than at the beginning of May 2018, and stand at a record high for the last 5 years. At the same time, market participants do not exclude that the tendency towards the appreciation of this product will continue, and the growth rates of onion prices will continue to accelerate with further reductions in farm sтоцкс, East Fruit writes.

Onion prices have also been on the rise in many western countries including North America and Great Britain, due to a combination of a weaker crop and growing demand.