In Ukraine, the winter vegetable is rapidly diminishing, and prices of onions may soar to last year's levels after the New Year.
Ukrainian analyst Maxim Gopka explains why onion prices are expected to rise despite a plentiful harvest this year.
Currently, the prices remain moderate due to a good onion yield by Ukrainian farmers. However, as the New Year approaches, a traditional peak in demand for this essential ingredient in many festive dishes, the inevitability of price hikes looms.
Gopka emphasizes two significant factors influencing onion prices: the stock in vegetable storage facilities and the cost of onions in the countries from which Ukraine imports them. According to the analyst, more than half of the winter vegetable supply in domestic storage is already depleted, with around 60% of Ukrainian vegetables and fruits already sold. Consequently, after the New Year, or possibly even sooner, Ukraine will likely start importing vegetables and fruits, including onions. Imported goods cannot be priced similarly to local produce, leading to an inevitable increase. Consequently, by the end of winter, onion prices in Ukraine could double or even triple.