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.
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.
