Wholesale prices reflect the available supply and frame market values. In the June 2024 quarter, prices firmed as adverse weather and rains affected vegetable line availability. Wholesale prices increased by 8.72% this quarter, driven by firmer prices for most vegetables and selected high-volume fruits.
The change in wholesale prices, from a -1.12% decline in the June 2023 quarter to an 8.72% increase this quarter, varied significantly across categories, reflecting a mix of different drivers. The largest increases were seen in categories like cabbage, peppers, beans, and high-volume items like tomatoes and bananas. Conversely, the biggest declines were in fruit categories, led by citrus, avocados, and apples.
Retail prices in the June 2024 quarter increased by 4.44% year-on-year, which was less than the rise in wholesale prices. This smaller retail price increase likely reflects retailers’ sensitivity to being in the spotlight for higher prices, as well as more intense competition.
Wholesale price patterns remain the key indicator of market conditions, with available volume as the primary driver. There are also signs that vegetable growers are reducing the buffer they had previously planted.
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