Vegetable Prices Increase Due to Inflation in 2024

News Today: Vegetable Prices Increases Drive Inflation Surge

The prices of vegetables have seen a significant increase, contributing to the overall rise in inflation. According to official data, several vegetables have experienced noticeable price hikes in both wholesale and retail markets.

Retail prices for beans have surged to Rs. 650.00 from Rs. 550.00, while in Dambulla, the price rose from Rs. 545.00 to Rs. 650.00. Carrots now cost Rs. 450.00 in Pettah, up from Rs. 300.00, and Rs. 420.00 in Dambulla, up from Rs. 355.00. In Narahenpita, beans are now priced at Rs. 800.00, and tomatoes in Pettah have gone from Rs. 240.00 to Rs. 280.00, and in Dambulla, from Rs. 255.00 to Rs. 520.00.

Additionally, prices of certain vegetables in supermarkets have also witnessed a rise. The cost of lime has surged to Rs. 3,820.00 per kg, green chillies have increased from Rs. 550.00 to Rs. 700.00 per kg, ginger has risen to Rs. 4,860.00 per kg, carrots are now Rs. 620.00 per kg, potatoes are Rs. 530.00 per kg, capsicum is Rs. 980.00 per kg, and green beans are Rs. 780.00 per kg.

Wholesalers and retailers in the Economic Centres cite rainy conditions and low supply as the main reasons for the vegetable price hike. Adverse weather has affected crop yields, leading to reduced availability and driving up prices. This trend is expected to continue unless supply conditions improve, according to the managers of Economic Centres.

The Department of Census and Statistics reported that the overall rate of inflation rose to 2.4% in June 2024, up from 1.6% in May 2024. Food inflation increased significantly, reaching 1.9% in June 2024, compared to 0.5% in May 2024. Meanwhile, the Year-on-Year inflation rate for the non-food group climbed to 2.7% in June 2024 from 2.4% in the previous month.

In June 2024, the contribution of food commodities to inflation was 0.85%, compared to the same month in 2023.