Price hike pressure dims festivity for many

Spiralling price hikes of many essential commodities is dimming the mood for festivity of many low and middle-income groups ahead of Eid-ul-Fitr.

According to government data, prices of some Eid essentials have increased by 56% year-on -year, overshadowing the joy of celebrating one of the biggest festivals in Muslim majority Bangladesh for many.

Traders said even though Eid is still one week away, prices of many commodities are already on the rise in the wholesale market. They fear that the prices will increase further in the coming days.

Meanwhile, wholesalers claimed that the production prices of many Eid essentials, including vermicelli, have increased compared to last year, which in turn is surging up the product prices.

Visiting various kitchen markets in the capital and adjacent areas, this correspondent found that prices of vermicelli, one of the main food items of Eid-ul-Fitr, have increased by 17-18 per cent this year compared to 2022.

Besides, Trading Corporation of Bangladesh (TCB) data reveals that year-on-year, prices of sugar have increased by 43 per cent, edible oil 18 per cent, onion 27 per cent, powdered milk 22 per cent, cumin 56 per cent, and meat 32 per cent.

Mustafizur Rahman, a trader at Segunbagicha kitchen market in Dhaka, said, “Sugar is being sold at a much higher price than government fixed prices. I bought a sack (50 kg) of sugar Tk 5,400 from the wholesale market last week, which is now selling at more than Tk 5600. The price of sugar has increased by Tk 8 per kg. In a similar fashion, the prices of some other Eid products have increased as well”.

At present, sugar is being sold at Tk 115-120 per kg at the retail level, up from Tk 78-80 per kg last year.

Traders at different kitchen markets in Dhaka are selling vermicelli at Tk 130-140 per kg, up by Tk 20-30 compared to last year.

Prices of edible oil have surged by Tk 18-23 year on year. Loose soybean oil is being sold at Tk 168-175 per litre, compared to Tk 150-152 last year. In addition, bottled soybean oil prices have increased to Tk 180-185 from Tk 160-170 year-on-year.

Meat prices have surged by over Tk 100 compared to last year. Beef is currently being sold at a price of Tk 750-800 per kg, up from Tk 650-680 last year. In the meantime, broiler chicken prices have increased by Tk 45-60 to Tk 200-230 per kg this year.

Locally produced onions are currently being sold at Tk 35-40, up from Tk 25-30 last year.

In the meantime, among the spices, the price of cumin has increased the most. Currently, cumin is selling at Tk 600-700 per kg in the retail market, which was Tk 380-450 per kg last year.

Prices of powdered milk have increased to Tk 780-850 per kg from Tk 600-700 during the period.

Consumers complained that despite the prices falling in the international markets, there has been no impact of it at the domestic level. They blame a lack of monitoring by authorities for the price hikes.