Imposition of MIP pushes pepper prices up 10-12%

Domestic demand for pepper is increasing at 4% annually. Currently it is estimated at 60,000 tonnes a year

After the announcement of minimum import price (MIP) for pepper, the price in the domestic market has risen by 10-12 per cent to Rs 420 per kg.
 
It may be noted that the price crashed to Rs 380 from Rs 600-650 per kg last year due to imports.
 
Last week the commerce ministry approved the Spices Board’s proposal for fixing pepper’s CIF (cost, insurance, freight) value of Rs 500 per kg as MIP to protect the interests of pepper-growers.
 
“In recent times, a decline in the domestic pepper price due to cheaper imports from other countries has