Home ›› 14 May 2022 ›› Front

Commodity prices soar

Consumers under financial strain
Hamimur Rahman Waliullah
14 May 2022 00:00:00 | Update: 14 May 2022 01:01:38
Commodity prices soar

The prices of most essential commodities, including pulse, flour, and egg, have jumped despite abundant supply, putting low- and middle-income consumers under more financial pressure.

During a visit to several kitchen markets in the capital, including Karwan Bazar, Gopibagh, and Khilgaon, on Friday, it was found that pulse and onion prices had risen by Tk 10 per kg compared to before Eid-ul-Fitr.

Egg, flour, and sugar prices increased by Tk 5 on average while ginger, garlic, and dried chilli also became pricier.

Traders sold non-packaged flour at Tk 45 per kg, up from Tk 38 a week ago, and packaged flour at Tk 48 per kg, up from Tk 45 last week.

Large grain pulse was sold at Tk 110 per kg, up from Tk 100 a week ago, and small grain pulse at Tk 130 per kg, up from Tk 125 last week.

Four pieces of egg were sold at Tk 42, up around 26 per cent compared to the price on the same day last year, according to the Trading Corporation of Bangladesh.

Dalim Hossain, a retailer at Gopibagh, said, “Commodity prices are higher compared to the time before Eid. Syndicates are behind the price hike. What can we do?”

“We pay Tk 30 more for per kg pulse compared to last year. How will we sell at lower prices?”

Sugar was sold at Tk 82-85 per kg, up from Tk 80 last month, and dried chilli at Tk 220 per kg, up from Tk 200 last week.

Motaleb Hossen, a storekeeper at Karwan Bazar, said, “We have to buy every essential at higher prices due to a global supply chain disruption. Besides, production and import costs have gone up.”

“A decline in the value of taka against dollar and the increase in different oil prices have caused prices of essentials to jump,” said Khondaker Golam Moazzem, research director at the Centre for Policy Dialogue.

He said the situation would not improve soon while the rising commodity prices had already put a dent in consumers’ savings, forcing them to borrow to buy food.

Consumers’ savings would go down further while their ability to give informal loans would also weaken if the situation continued like this for long, explained the researcher.

The government should take necessary steps to reduce import dependency, boost local production of essentials, monitor the market, and focus on increasing revenue to cut inflation and keep essential commodities affordable, he added.

×