Chart of the week: India’s onions reach eye-watering highs

Iandia's wholesale onions price index

A poor harvest has triggered a shortage of onions in India, one of the world’s top producers and exporters.

Indian dishes tend to use a lot of onions. Due to a 245% annual jump in wholesale prices – leaving them almost seven times higher than in 2004 – overall food inflation has reached a three-year peak of 18.2%.

The government, which remembers that a 1998 shortage led to the fall of one of its predecessors, is now allowing them to be imported.