Egg prices at record high in Mumbai on winter buys

Prices of eggs have risen 78% on week and hit a record high in Pune and Mumbai on Monday due to a rise in demand at the onset of winter and high prices of vegetables in the retail markets, traders said.

Eggs were sold at Rs 523 per 100 pieces in Mumbai on Monday, compared with Rs 489 a week ago, and in Pune, the price was at 530 rupees, compared with Rs 495 a week ago, according to data on the National Egg Co-ordination Committee's website.

In Namakkal, Tamil Nadu, prices were at Rs 459 per 100 pieces on Monday, up Rs 18 on week. Namakkal is a key producer of eggs in the country. “Consumption demand for the commodity has improved due to a fall in temperatures,” said Raju Bhosale, the owner of Yojna Poultry in Pune. Another factor which supported egg prices is the sudden surge in vegetable prices, traders said.

“Vegetable prices in the retail market have gone beyond reach of the common man,” PG Pedgaonkar, managing director with Venky’s, said. Pedgaonkar also said even though the availability of eggs has gone up 3-4% on year, the demand has increased by 78%, pushing prices to record levels.

Increased awareness among sportspersons and those careful of their diet has also led to the increased demand, said Deepak Chavan, a Punebased independent market analyst.

“Egg prices may further gain by Rs 10-20 in this week and are likely to be in the range of Rs 540-550 per 100 pieces,” Bhosale added.

However, traders expect that onset of the Hindu holy month of Margashisha, from Nov 19, to restrict the demand for eggs.