Consumers go ‘bananas’ over steep price increase

Jeddah : Banana prices have witnessed a sharp increase, over 100 percent for some variety, in the Kingdom in the absence of supplies from the Philippines and central America (mainly Ecuador and Nicaragua), hitting consumers hard.

A carton of a widely sold variety now costs SR70 against the previous price of SR30, sparking off a debate on social media.

Mohammed Ali Bhuyan, a shop owner, said prices of the food and commodities have already risen, and an increase in the banana prices is making it difficult for people with low incomes to manage the monthly budget. 

“Banana was the cheapest fruit in the market, but now it has become difficult for many low income people to consume the fruit. The fruit should be imported from the subcontinent, where it is cheaper than other countries,” he said. 

Saifullah Mohammed Sharbatly, CEO of Mohammed Abdullah Sharbatly, said the increase in banana prices is due to a shortage in the market. 
He said that 40-45 million cartons worth SR500 million are consumed in the Kingdom annually, and the market is ruled by supply and demand and the source of import of the product. 

Sharbatly explained that a 13 kg carton previously cost SR30, but costs SR70 now, and the price of a 7 kg carton was SR18, but it has now increased to SR35. 

He said fruits are imported from South Africa, Egypt, Chile, the Philippines, Lebanon, India, Pakistan, France, the US and many other countries.

He said the eastern region of the Kingdom is the most important market for the fruits sector, and represents the backbone of the market.