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MUMBAI/NEW DELHI: Repeated speculation over a delayed monsoon may be causing food prices to rise already. Over the past fortnight, the retail price of onion and potato have risen by Rs 5-6 from Rs 18-20 to Rs 24-26 per kg. Experts say the loss caused by the recent hailstorm is marginal, and need not drive prices inordinately high.Traders at Vashi wholesale market have assured consumers that rates will not spiral further as there are ample stocks to last all of India for the next four or five months.In a refreshing departure from previous precedent, the new government at the Centre has decided to pre-empt a price rise. Sources said the government has identified onions, along with non-basmati rice, pulses, potatoes and milk, as products that need intense monitoring in the coming months. This may lead to a check in the export of the politically-sensitive onions.The government has comfortable stocks of grains, potato and onion at the moment, officials said. Still, onion exports will once again be subject to a minimum export price, higher than the prevailing market price, to discourage outbound shipments of the key kitchen ingredient.The Cabinet secretary will also take stock of the situation every fortnight, as compared to a monthly review of prices during the previous regime.A leading onion trader at APMC, Vashi, Sanjay Pingle agreed, "There is no reason for panic buying because there is no shortage of produce. It is not unusual for onion and potato to sell for Rs 15-20 per kg in the wholesale market. Farmers are holding stocks owing to the delayed monsoon, perhaps hoping to release them for a better price later. But the new government at the Centre just stated on Monday that controlling food prices is its priority. It has promised to crack down on hoarders and profiteers so that will serve as a deterrent to unscrupulous farmers and traders."On Tuesday, neighbourhood vendors in Byculla, Andheri and Bandra were selling potato for Rs 24-26 per kg while the price of onion stood at Rs 24 in most places. The roots normally come for Rs 15-18, and peak at Rs 20-22 at the peak of summer.Yet, some traders tried to explain how this was not a seasonal variation. Vashi supplier Ram Ashray Gupta said the freak hailstorm of March had caused onion crops to spoil during harvesting season. "Around 35% of the onion harvest became wet and soggy. Potato has also been slow to arrive from Agra, UP, Gujarat as well as Bengal," he said. Pingle, however, denied that the hailstorm would impact the supplies in a big way.The ghost of Rs 80 onions is fresh in the mind of every consumer, who has become wary of the cyclical peak. Experts say repeat speculation over shortage of produce by those in authority does not help matters, and this time, the prediction of a below average monsoon may have contributed to the hike as well.The government is taking no chances, given the possible adverse fallout of a price rise. The consumer affairs ministry has dashed off letters to state governments asking them to identify hoarders."The government needs to think three-four months in advance for any political action to be effective. If domestic supplies of food products suffer (due to weak rains), the only way out is to import," said agriculture economist Ashok Gulati said.