Commodity prices keep increasing

Essential commodity prices have become volatile again. In the last one week, the prices of flour have increased by Tk 12-25 per kg. Retailers are saying that flour prices had risen sharply following the start of the Russia-Ukraine war and India’s suspension of wheat exports. However, in one week prices have increased much higher than before.

Not only the price of flour, but prices of sugar and other daily commodities are also increasing. Last Tuesday, edible oil refiners increased the price of soybean and palm oil up to Tk 9 per litre. Meanwhile, the price of sugar has increased by Tk 5-7 per kg and the retailers said that it may increase more in a day or two. In such a situation of the market, the poor and middle-income people have become disoriented.

Meanwhile, the sale of eggs has increased due to its price decrease. Vendors say that many have cut down on egg consumption due to the sudden rise in prices. Now that the price has come down, the sales have increased as before.

Consumers say that unreasonable price hikes of all products should be protested. Product boycott is an effective policy in this case. Products which are being hiked in prices should be bought less or completely abandoned to protest the price hike then the market will run at the right pace, they said.

In the market, 2 kg atta packets of various brands including Bashundhara, Teer, Fresh, Ifad, ACI are being sold at Tk 115-126 per kg. Last week, the prices of these were Tk 90-102.

Along with packaged atta, the price of unpackaged flour also increased. Last week open atta was sold at Tk 45-48 per kg, which was sold at Tk 50-55 per kg in various markets of the capital on Thursday.

Currently, 2 kg flour of various brands is being sold at Tk 148-164 per kg, which was Tk 98-125 per kg last week. The price of flour has increased by Tk 19-25 per kg.

According to the Trading Corporation of Bangladesh (TCB), flour prices have increased by 28 per cent in the last one month and by 64 per cent in one year.

Traders say that despite the decrease in the price of wheat in the international market, the stock of wheat in the country is running out due to the halt of imports since last May. As a result, the price of wheat is increasing and the prices of flour and atta are also increasing.

Meanwhile, the price of sugar has increased this week. Till last week, sugar was sold at Tk 88-90 per kg. This week sugar is not available anywhere under Tk 90. Packaged sugar is being sold at Tk 95 per kg.

Sifam Rahman, a grocery shop seller in Segunbagicha market, said, “On Thursday we bought sugar from the wholesale market at Tk 4,250 per sack (50 kg). Besides the cost of labour and transportation, we have to buy sugar at Tk 86-87 per kg. As a result, it cannot be sold below Tk 90. Besides, brand companies have suddenly increased the prices of flour and atta. Edible oil has not yet arrived in new bottles. When it arrives it will be sold at a higher price.”

Last Tuesday, the price of edible soybean oil was increased by Tk 7-9 per litre to Tk 192 for bottled and Tk 175 per litre for unbottled oil at retail.

The price of eggs has decreased suddenly. Eggs are being sold at Tk 120 per dozen in different markets of the capital. Many shopkeepers are selling at Tk 115.

Noore Alam, an egg seller in Segunbagicha market, said, “The sale has increased again due to the decrease in the price of eggs. I can sell one van (6,000 pieces) of eggs in one to two days. After the price hike, it took up to three days.”

A buyer named Abu Taleb, who came to the market to buy eggs, bought two and a half dozen eggs at once. He said, “After the price increase, I gave up buying eggs as a protest. Many consumers like me stopped buying eggs. As a result, the price has come down again. So I am buying more. In this way, the unreasonable price increase of commodities should be protested. Then the market will become stable.”