Onion prices in Bangladesh jumped by more than 50% on Tuesday, following a ban on exports by largest supplier India after its crop was damaged and harvesting delayed by excessive rain, industry officials told Reuters.

The surprise move, which took immediate effect on Monday, could help cut prices in India, but boost prices in Asian nations such as Malaysia, Nepal and Sri Lanka, apart from Bangladesh, since they rely on Indian shipments.

Retail prices of the root vegetable, a staple of subcontinental cuisine, jumped in Dhaka to 90 taka to 100 taka ($1.06 to $1.18) per kg on Tuesday, from 60 taka on Monday and 30 taka at the beginning of the month.

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