Chilli pepper price heads down as supply exceeds demand

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Red chilli pepper from Nyaungdon and Hinthada areas.

Chilli pepper prices continue a downward trend in Bayintnaung Wholesale Market while onion prices are steadily rising.
High influx of chilli pepper from various areas brings down the price when the demand slows down.
Long chilli pepper price decreased to K11,000 per viss on 23 February from K13,000 recorded on 16 January. The new long chilli pepper from the Hinthada area also dropped to K8,000 per viss on that day from K12,700 on 23 January 2024. Similarly, long chilli peppers from different regions declined to K7,000-K8,200 per viss.
Moehtaung chilli pepper from the Hinthada area also declined to K10,700-K11,000 per viss on 23 February from K13,000 per viss.
The chilli pepper (Moehtaung) processed in cold storage fetches K8,000-K10,400 per viss. As they are more expensive than the long chilli, the demand for Moehtaung chili is quite low.
Meanwhile, the bell pepper prices stood at K13,000-K15,000 per viss on 23 February 2024, which dropped from K16,000-K16,500 per viss in the previous days.
Those traders who kept the stocks in hands faced losses in 2023 although they made a handsome profit in 2022. They are closely observing the market for now.
Traders eye rice, paddy and chilli pepper for storage as the prices of pulses and rice tremendously rose this year, trader Ko Hla Han shared his opinion to the Global New Light of Myanmar. — TWA/KK

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