Finance Minister Nirmala Sitharaman on Friday said that the Central government is closely monitoring onion prices which have exponentially shot up recently.

According to the minister, the situation is gradually improving with increased shipments of onions coming into the country.

Replying to a query on the rising onion prices, the minister replied: "Onion prices have started to fall in some places from their peak levels, although they have not declined as per requirement."

"We have a Group of Ministers which is reviewing (the sitaution) on almost every one or two days gap and deciding on how to furter take up import related issues...."

Lately, excessive rains reduced onion supplies, thereby, exponentially increasing prices. In some parts onions has started to cost around Rs 150 per kg.