Spice Prices Skyrocket: Cumin, clove and cardamom get costlier even as vegetable prices bite

Spice Prices Skyrocket: Prices of vegetables are already skyrocketing across the country with no respite in the near vicinity. At a time when people are already dealing with the hiked prices of vegetables, came the blow of the soaring prices of spices.

The Zee Business team reached Navi Mumbai's largest APMC market in Vashi to know the reasons for the price changes and how the hiked prices of spices are affecting common folks.

Among some of the factors responsible for the soaring wholesale prices of spices are an increase in exports, a rise in demand of spices, a decrease in their supply, unseasonal rain, and climate change.

Due to the rise in the wholesale prices of spices, customers are forced to buy them in small packets.

There has been an increase of nearly 40 per cent in the wholesale prices of spices.

Cumin has seen the biggest hike in its price as it soared from Rs 300/kg in April to Rs 700/kg in July.

The price of clove has also jumped by nearly 100 per cent, from Rs 650/kg in April to Rs 1,200/kg in July.  

The price of cardamom (small) is up from Rs 800/kg in April to Rs 1,400/kg in July, while the cardamom (big) price also rose from Rs 600/kg to Rs 900/kg during the same period.  

The dry turmeric price also jumped from Rs 100/kg in April to Rs 160/kg in July. 

However, the news that can provide some respite to customers is that traders believe that the prices of spices will start decreasing soon.

Note: All these prices mentioned in the story are the wholesale prices of spices. Retail prices of the same spices may differ as retailers sell their goods according to their margin.

Wholesale market rates of spices

SOURCE: APMC, VASHI