For the first time in over five years, Bengaluru banana prices have hit record highs. Traders say a supply crunch has occurred as many farmers gave up on cultivating bananas due to the low prices they received during the two years of Covid-19.
At wholesale markets in Bengaluru, the yelakki variety has been priced at ₹65 per kg, while retail prices have crossed ₹90 at several places, including HOPCOMS. It has also crossed the ₹100 mark on online platforms. This trend is expected to continue for at least the next six months as arrivals in the markets have taken a drastic hit.
While the regular arrival of bananas at the Binny Mill Banana Market was over 250 tonnes a day, it has now come down to 90 to 100 tonnes. The traders say that the supply crunch occurred as many farmers gave up on cultivating bananas as they received some of the lowest prices ever for the crop during the Covid years.