As Eid-ul-Azha approaches, the skyrocketing prices of spices, one of the most essential and demanded products during the second largest religious festival for Muslims, have cast a shadow over the celebrations for many low- and middle-income families.
Prices of all kinds of spices soared
Prices of all kinds of spices, including onions, chillies, ginger, garlic, cardamom, cumin, cinnamon, and pepper, have increased by 7-85 per cent compared to the same period last year.
Traders have noted that spices are the second most bought and desired items among consumers, only after sacrificial cattle, on the Eid-ul-Azha shopping list.
With the rising cost of living, the significant increase in spice prices will deprive low-income families of the joy of Eid, while middle-class families will also have to buy less than they need.
Current market prices
According to a retailer at Karwan Bazar, the price of cardamom is now selling at Tk 3,200-3,800 per kg, bay leaf at Tk 240 per kg, cumin at Tk 760 per kg, white pepper at Tk 1,600 per kg, black pepper at Tk 1,200 per kg, cinnamon at Tk 550 per kg, and clove at Tk 1,700 per kg.
Just two or three weeks ago, black pepper was Tk 800-850 per kg, white pepper was Tk 1,000 per kg, cumin was Tk 600 per kg, cinnamon was Tk 500-540 per kg, and cloves were Tk 1,500 per kg.
Prices of essential cooking spices surge
The Trading Corporation of Bangladesh (TCB) compiles a daily price list of 16 types of spices, including onion, chilli, ginger, garlic, and cumin. According to TCB data, the price of local onions has increased by 10 per cent compared to last year, selling at Tk 80-90 per kg on Wednesday, up from Tk 75-80 per kg on the same date last year.
The price of onions has risen by 13 per cent in the last month alone. Imported onions are being sold at 64 per cent higher prices compared to last year, with current prices ranging from Tk 85-95 per kg in the capital's kitchen markets.
Retail prices of imported and local garlic have increased by 62-63 per cent, now selling at Tk 200-250 per kg, up from Tk 130-150 per kg last year before Eid-ul-Azha. Although the price of red chilli has decreased by 6 per cent, the price of ginger has increased by 23 per cent.
Local red chilli is currently selling at Tk 420-500 per kg, while ginger has risen to Tk 400-450 per kg. At this time last year, imported ginger was priced at Tk 340-350 per kg.
The prices of both imported and local turmeric have increased by 46 per cent. Local turmeric is now selling at Tk 400 per kg, an increase of Tk 120 per kg compared to last year. Imported turmeric has increased at the same rate, selling at Tk 350 per kg.
Prices of aromatic spices on the rise too
Among all the spices, cardamom and bay leaves have seen the most significant price increases in the capital’s markets. Last year, cardamom retailed at Tk 1,600-2,400 per kg, but on Wednesday it was selling at Tk 3,300-4,000 per kg, an increase of 82 per cent.
The price of bay leaves has increased by 85 per cent, now selling at Tk 200-300 per kg, compared to Tk 120-150 at the same time last year.
The price of cumin, the most essential and demanded spice for Eid-ul-Azha, has increased again after a slight decrease a month ago. Over the past month, cumin prices have risen by 10 per cent. On Wednesday, cumin was sold at Tk 750-850 per kg in the retail market, up from Tk 650-800 per kg a month ago. Last year, cumin was priced at Tk 800-850 per kg.
Cinnamon is currently retailing at Tk 520-600 per kg, compared to Tk 500-600 per kg a month ago. The price of cinnamon has increased by 19 per cent compared to last year when it was sold at Tk 420-520 per kg.
Dollar price rise, retailer exploitation blamed
Hafez Hazi Mohammad Enayet Ullah, president of the Bangladesh Paikary Goram Mashallah Babosayee Samity and director of the FBCCI, stated that due to the increase in the dollar price, the cost of importing spices has risen significantly compared to last year, and consequently, wholesale prices of spices have also increased.
“However, the prices in the wholesale market have not risen ahead of Eid-ul-Azha. The increase we saw happened before the Ramadan month began. Whenever festivals like Eid approach, the demand for spices rises, and sometimes retailers take advantage of the increased demand and raise the prices,” he added.
