Black pepper prices up by 10-12% after MIP fix

Black pepper spot prices in domestic market has rose by 10-12 percent to Rs 430 per kg after impose of minimum import price (MIP).

Pepper prices crashed to Rs 380 from Rs 600-650 per kg last year due to imports.[irp]

Commerce ministry recently approved the Spices Board’s proposal for fixing pepper’s value of Rs 500 per kg as MIP to protect the interests of pepper-growers.

“In recent times, a decline in the domestic pepper price due to cheaper imports from other countries has been a major concern among pepper-growers. Pepper prices have gone down by nearly 35 per cent in one year and have resulted in a lot of hardship for pepper-growers,” said a commerce ministry official.

Reports says farmers seeing this trend, held back on sales of black pepper and were looking at prices at around Rs 600 a kg for now and the next harvest, which is approaching.[irp]