The prices of Olive Oil and Fox nuts or makhana have seen a dramatic rise. Olive Oil prices have gone up 80% while Makhana prices have gone up by 70% over the past two months.
A recent export ban enforced by Turkey, the world's leading olive oil producer, has exacerbated the global shortage of olive oil, exerting upward pressure on prices. As India relies solely on imports to fulfill its olive oil needs, the effects of this shortage are particularly strong.
As per Economic Times, the market price range for premium extra virgin olive oils from renowned brands, available on various online platforms, now costs anywhere between ₹1000 to 1400 per liter.
Makhana, a traditional treat hailing from eastern India which has gained immense popularity in recent years, is largely cultivated in Bihar. However, the price of makhana has surged by 70% over the past two months due to the scorching heat drying up the artificial ponds utilized for its cultivation.
Makhana's status as a revered superfood soared following a sharp price hike around 2017, which saw seed prices multiply by 3-4 times, peaking at an unprecedented ₹22,000 per quintal. This surge attracted numerous paddy farmers to embrace makhana cultivation in artificial ponds, successfully fulfilling the burgeoning demand.
However, the landscape shifted dramatically, with seed prices plummeting to a meager ₹3,500 per quintal in November of the preceding year. This decline in demand, driven by economic recession, prompted approximately 25% of farmers to pivot away from makhana cultivation.