Onion Prices Surge to MVR 60 per Kilogramme Amid Supply Shortage

Onion prices in the Maldives have surged to MVR 60 per kilogramme due to a supply shortage, up from MVR 25-30 per kg two weeks ago. Wholesalers attribute the rise to low supplies, with a 25kg bag increasing from MVR 500 to over MVR 900. Analysts warn further price increases are likely as the Maldives faces foreign exchange difficulties, with banks restricting dollar transactions, forcing businesses to rely on the black market at record-high rates. The high black market rates are expected to persist, potentially driving up prices of other essential goods.

Onion prices in the Maldives have surged to MVR 60 per kilogramme due to a supply shortage, up from MVR 25-30 per kg two weeks ago. Wholesalers attribute the rise to low supplies, with a 25kg bag increasing from MVR 500 to over MVR 900. Analysts warn further price increases are likely as the Maldives faces foreign exchange difficulties, with banks restricting dollar transactions, forcing businesses to rely on the black market at record-high rates. The high black market rates are expected to persist, potentially driving up prices of other essential goods.

Onion prices in the Maldives have surged to MVR 60 per kilogramme due to a supply shortage, up from MVR 25-30 per kg two weeks ago. Wholesalers attribute the rise to low supplies, with a 25kg bag increasing from MVR 500 to over MVR 900. Analysts warn further price increases are likely as the Maldives faces foreign exchange difficulties, with banks restricting dollar transactions, forcing businesses to rely on the black market at record-high rates. The high black market rates are expected to persist, potentially driving up prices of other essential goods.

This story involves 1 source and may affect public understanding of supply shortage / inflation.