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Although the supply is much higher than demand, the prices of spices have gone up in both the wholesale and retail markets.
According to market data, except for cardamom, prices of all hot spices including cumin and cinnamon have gone up by 39 per cent this year compared to that of the previous year’s Eid-ul-Azha. Besides, the prices of ginger, garlic and onion are also on the rising trend.
Traders say that demand for spices was low last year as hotels and restaurants were closed due to the pandemic. Besides, import cost was also lower last year. This year, the cost of imports has gone up due to various reasons including the rise in the dollar value.
However, wholesalers claim that the price of spices has not increased suddenly ahead of Eid-ul-Azha. They said that the price of spices has gone up in the last two to three months.
Indian cumin was being sold at Tk 390 per kg and Afghani cumin at Tk 400 per kg at the capital’s Moulvibazar wholesale market on Monday. Last year, cumin was sold at a wholesale price of Tk 280-280 per kg. The price increased by 39 per cent.
Besides, cinnamon was sold at Tk 390-400 per kg, which was being sold at Tk 310-360 per kg during the same period last year. So the price has increased by 5 per cent. Cloves are being sold at Tk 1,080 per kg, up from Tk 950 per kg in the same period last year.
Among hot spices, the price of cardamom has come down by 28 per cent. Last year, the price of cardamom was Tk 2,500-2,600 per kg, which was being sold on Monday at Tk 1,300-1,900 per kg.
Among other spices, black pepper was being sold at Tk 520-560 and white pepper at Tk 860-870 per kg. Raisins were being sold at Tk 335-345, prunes at Tk 350, nutmeg at Tk 580-590, and jayatri at Tk 2380-2400 per kg at the wholesale market.
Haji Enayetullah, president of Bangladesh Wholesale Spice Traders’ Association and proprietor of Hedayat Brothers, told The Business Post that the price of spices had gone up before Eid-ul-Fitr.
Now the price has rather come down a bit. Prices have not increased suddenly. This is because the supply of spices is much higher than the demand in the market.
The importer also said that the demand for spices has dropped due to the abnormal rise in prices of basic commodities and floods in various parts of the country.
However, retailers say that the wholesale price of spices has been rising for the past one week. This has also increased the price of spices at the retail level.
On Monday, cumin was being sold at Tk 500 at the capital’s Segunbagicha market which was Tk 400-450 a week ago. Cardamom was being sold at Tk 2200-2300 per kg, cinnamon Tk 500 per kg, cloves Tk 1200-1300 per kg, black pepper Tk 1000 per kg, jayatri Tk 2800 per kg, poppy seeds Tk 2500 per kg and prunes Tk 600 per kg.
Mostafizur Rahman (Sipon), owner of Allaher Dan Store and a spice trader in the market, told The Business Post that the price of spices has gone up a bit in the last week. The price of cumin has increased the most.
“The cumin that I bought for Tk 330 per kg before Eid-ul-Fitr was bought last week for Tk 400. The price of other spices has also gone up by Tk 50-100 per kg,” he added.
Apart from hot spices, the prices of onion and garlic have also gone up a bit ahead of Eid-ul-Azha.
In the last one week, the price of domestic onion has increased by Tk 5 per kg and now it is Tk 55 per kg. Imported onion increased by Tk 10 and was being sold at Tk 55-60 per kg.
Besides, imported ginger was sold at Tk 60-100 per kg in the retail market last week. On Monday, it was being sold at Tk 90-110 per kg. The price of imported garlic increased by Tk 10 and was being sold at Tk 120 per kg.
Besides, the price of unpackaged chilli powder has increased by Tk 150 per kg to Tk 500 per kg and turmeric powder by Tk 50 per kg to Tk 250-300 per kg.
