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Red chilli prices are shooting up at the Guntur chilli marketyard, the biggest in the State and the country.
On Thursday, according to trade sources, the prices of all varieties shot up to record levels led by robust demand from stockists and exporters following reports of low output in the State.
The prices of most of the varieties shot up by ₹500 a quintal.
The price of Teja variety shot up to ₹12,500 a quintal (up Rs 200) and that of DD 341 to ₹13,700 and of LCA 334 variety to ₹12,700.
According to K Rosaiah, a chilli merchant, the prices have touched record levels due to two reasons: substantial slump in production in Andhra Pradesh and crop failure in Madhya Pradesh.
In Andhra Pradesh, due to virus attack and lack of irrigation, the crop has slumped to 60 per cent of normal levels and the crop in Madhya Pradesh has also failed, pushing up the prices at Guntur, he said.
In Andhra Pradesh, at a rough estimate, there may be a crop shortage of 40 lakh bags (of 40 kg each) and there may be a similar shortage in Madhya Pradesh.
He said there was too much speculation in the market for comfort.
Ashok Jain, another trader, said he could not predict how long the uptrend would continue, but in general prices are likely to be high.
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