In anticipation of the upcoming Ramadan, the price of chickpeas, a staple ingredient for Iftar meals, has witnessed a notable increase at Khatunganj, the largest consumer goods wholesale market in Chattogram city.
The price has risen by over Tk 15 per kg compared to regular periods.
Currently, wholesale prices in Khatunganj range from Tk 97 to Tk 100 per kg, while retail prices reach or exceed Tk 110. This rise is attributed to the surge in demand for chickpeas during Ramadan, which typically outstrips the average monthly demand of 10,000 tonnes by tenfold.
Despite exceeding annual demand (estimated at 2,00,000 to 2,20,000 tonnes) with imports of 2,97,000 tonnes in 2023, the market sees no price relief.
Traders suggest a decline in local storage levels and potential supply chain disruptions as contributors to the price hike.
While some vendors claim a downward trend in recent days, a visit to Khatunganj last Saturday revealed minimal to no significant price reduction compared to previous months.
High-quality chickpeas continue to sell at Tk 97-100 per kg, medium quality at Tk 85, and lower quality at Tk 83. Retail prices remain significantly higher, exceeding Tk 110 per kg.
Data from the National Board of Revenue confirms the sizable chickpea import volume of 2,97,000 tonnes through Bangladesh's six ports in 2023, with 2,00,000 tonnes arriving via Chattogram port alone. The import price per kg stood at Tk 69.
Traders attributed a slight increase in chickpea prices before Ramadan to reduced imports due to the ongoing dollar crisis. Some businesses reported difficulties opening letters of credit, hindering their ability to import.
However, industry data indicates that chickpea imports exceeded demand in the past two years, raising concerns about the price hike.
The Business Post attempted to reach Abul Bashar Chowdhury, chairman of BSM Group, the country's largest chickpea importer, for comment on the discrepancy between high imports and rising prices but received no response.
Meanwhile, wholesale traders in Khatunganj reported a stable market with minor price fluctuations.
Tayyabia Traders owner Solaiman Alam Badsha noted a slight drop compared to the previous week, with Australian good quality chickpeas selling at Tk 97 and medium quality at Tk 85 per kg.
SM Najer Hossain, vice president of the Consumers Association of Bangladesh (CAB), criticised the price increase, calling it unethical during Ramadan and questioning the need given ample recent imports.
He further highlighted the lack of market monitoring and potential bias in regulatory bodies, suggesting these factors impede consumers from benefiting from lower international prices.
