Apple Prices in Columbia Dropped by 9.32% MoM, Increased by 35.85% YoY in Apr-24 Amidst Inflation Rate

The wholesale price of gala apples in Columbia's Manizales market increased by 35.85% YoY in early April 24 to USD 2.14/kg. However, the price decreased by 9.32% MoM, compared to USD 2.36 on Mar-24. This YoY increase is mainly due to higher production costs caused by a high inflation rate. However, since food inflation started to fall in Q4-2023, the price began to drop from Feb-24. In addition, the oversupply of apples originated from the US, which also contributed to the price drop in 2024.
The price of gala apples in Columbia’s Manizales wholesale market has seen a significant year-over-year (YoY) rise of 35.85% in early Apr-24, increasing to USD 2.14 per kilogram (kg) compared to USD 1.57/kg in the same period in 2023. However, there was a 9.32% month-over-month (MoM) decline from USD 2.36/kg in Mar-24, representing a consecutive three-month decline. The YoY increase in apple prices in Columbia is mainly due to a higher production cost caused by the high inflation rate. In 2023, the country’s average annual inflation rate reached 9.3%. As a result, the increasing cost of importing products such as fertilizers, pesticides, and packing supplies caused the overall production price of fruits and vegetables to increase. However, food inflation started to decline from Q4-2023 and dropped to its lowest level since Apr-21 to 5% in Dec-23, which caused apple prices to drop. In addition, the surplus supply originating from the United States (US) and the European Union (EU) in Jan-24 led to a declining apple price from Feb-24.