Govt buys 71K tons of onion for buffer stock; expects retail prices to ease

The government has bought nearly 71,000 tonnes of onion so far this year for buffer stock, out of the total target of procuring 5 lakh tonnes for price stabilisation and it expects retail prices to ease with the progress of monsoon over most parts of the country.

According to data compiled by the department of consumer affairs, the all-India average onion retail prices stood at Rs 38.67 per kg on Friday, while the modal price was Rs 40 per kg.

Till June 20th, the Centre has procured 70,987 tonnes of onion, as against 74,071 tonnes procured in the same period last year, a senior official in the department of consumer affairs said.

"The pace of onion procurement for price stabilisation buffer this year is largely comparable with last year, despite about 20 per cent decline in estimated rabi production," the official said, adding that the government is on course to achieve targeted procurement of 5 lakh tonnes for price stabilisation.

The government will exercise the option of holding