China: Another rise in banana prices

The price of fruit in the Yiyuan County markets in Shandong Province have begun to increase, especially the price of bananas. At the beginning of January, bananas cost 4 yuan per kilo. By the end of January, the price went to 6.60 yuan per kilo, which is an increase of 65%, 120% higher compared to last year. Prices of apples, watermelons and oranges have shown the same trend.

This change in banana prices has three reasons. Firstly, the decrease in output. Secondly, it's a consequence of the upcoming Spring Festival. In the beginning of winter, banana farmers try to sell a larger part of their products quickly at a low cost. Distributors buy all of them to be prepared to the Spring Festival, the market faces a shortage of bananas and the prices go up. Thirdly, this year, Southern cultivation areas were affected by snowfalls. The transportations were blocked for a while, resulting in higher banana prices.

Bananas are one of the most demanded fruits during the Spring Festival. They are easy to store and the demand for them is constantly increasing. It is most likely that the price of bananas will increase further.

Source: Yiyuan County Price Bureau

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