Indian Capsicum Prices Surged 86.54% YoY in Early Mar-24 Amid Supply Chain Disruptions

The price of Indian capsicum has seen a significant 86.54% YoY increase in early Mar-24, reaching USD 0.47/kg, although there was a 9% MoM decline from Feb-24. This surge may be due to disruptions in vegetable supply chains caused by a truck driver strike in Delhi, leading to increased vegetable prices and decreased supply in wholesale markets like Azadpur Mandi. The protest halted vegetable supplies for several hours from states like Chhattisgarh, Karnataka, Madhya Pradesh, Punjab, and Rajasthan, resulting in higher agricultural produce costs and concerns among vendors about delayed supplies.
The price of Indian capsicum has experienced a substantial year-over-year (YoY) surge, increasing by 86.54% in early Mar-24, reaching USD 0.47 per kilogram (kg) compared to USD 0.25/kg during the same period in 2023. However, there was a 9% month-over-month (MoM) decline from USD 0.52/kg in Feb-24. This price increase may be due to disruptions in vegetable supply chains caused by a strike by truck drivers protesting the hit-and-run law in Delhi. This strike led to a 10% to 15% increase in vegetable prices in the national capital, with vendors experiencing decreased supply at wholesale markets like Azadpur Mandi. The protest has halted the supply of vegetables from distant states like Chhattisgarh, Karnataka, Madhya Pradesh, Punjab, and Rajasthan for about five to six hours, causing a slight uptick in agricultural product prices at markets like Azadpur Mandi. Vendors expressed concern over delayed supplies, as trucks could not reach the market due to the agitation. While there is no shortage of vegetables in the market, prices have risen due to additional expenses incurred by suppliers, as noted by a vegetable seller in the Ghazipur vegetable market.