Price of spices coming down slowly in local markets

The price of different spices including onion, garlic, ginger, cumin seeds, and cardamom are coming down slowly in the kitchen markets of the capital after a sudden hike in retail and wholesale prices.

The price of almost all spices increased all of a sudden ahead of the Eid-ul-Azha during the last month.

Market and Trading Corporation of Bangladesh (TCB) data showed that the price of different spices including onion, ginger, cumin seeds and cardamom increased by 90-215 per cent compared to the corresponding period of the previous year.

However, as a result of increased market monitoring and the government declaration to import spices if needed, the prices are now coming down gradually, said market insiders.

They said there is enough stock of spices to meet the demand of Eid-ul-Azha festival. The price of some spices including cumin seeds and ginger increased due to low import, but there is no reason behind the price hike of some spices including onion.

National Directorate of Consumer Right Protection (DNCRP) Director General AHM Safiquzzaman on Sunday alleged that a syndicate of traders has made the market of spices volatile ahead of Eid-ul-Azha to make unethical profits.

Meanwhile, experts blamed the absence of proper monitoring by the authorities concerned as the reason behind the sudden increase in the prices of spices. Some unscrupulous traders increase the prices of different essential commodities including spices when demand rises ahead of different festivals, they said.

According to wholesalers of different markets including Moulvibazar in the capital, among the spices, recently the price of cumin seeds increased the most, rising to Tk 800-860 per kg. However, its price is coming down slowly, decreasing by Tk 50-60 per kg in the last week. The price of cumin seeds has increased by 95 per cent compared to last year. It was sold for Tk 340-400 per kg in the wholesale market before last year’s Eid-ul-Azha.

During the last week, the price of cardamom, another essential spice, has decreased by Tk 100 to Tk 1,400-1,700 per kg. Its price reached Tk 1,500-1,800 a couple of weeks ago. Cardamom was sold at Tk 1,300-1,900 per kg during the same period of last year.

Clove is now selling for Tk 1,400-1,450 per kg which was Tk 950-1,080 a year ago. Similarly, mace is now selling for Tk 2,800-3,000 per kg, it was at Tk 2,380-2,400 per kg last year.

Another essential spice raisin is now sold at Tk 380-420 per kg in the wholesale market which was Tk 335-355 per kg a year ago while dried plum (alu bokhara) was sold at Tk 350 per kg last year, but its price has increased to Tk 430-460 per kg this year.

Cinnamon is the only spice whose price has decreased compared to last year. It is now selling for Tk 320-330 per kg in the market and before last year’s Eid, its price was Tk 390-400 per kg.

Md Enayetullah, president of Bangladesh Spice Wholesalers Association, told The Business Post, “There is sufficient stock of all types of imported spices in the country. There is no fear of any shortage of spices before Eid. The price of spices has increased compared to last year due to several reasons including the increase in dollar price, inability to open LCs for imports, and stoppage of import of some spices from some countries.”

Claiming that the prices of all spices have remained stable recently, he said, “Prices of a few spices including cumin, ginger, and garlic have increased. Hopefully, the price of these spices will come down gradually and the price of other spices will not increase.”

According to TCB data, the price of onion increased by 93 per cent in the retail market compared to one year ago. It is now sold at Tk 70-75 per kg, coming down from Tk 80-85 per kg a week ago. During the same period the last year, the onion price was Tk 35-40 per kg.

The price of garlic increased by 50 per cent compared to last year. Its price was Tk 80-120 per kg last year. Until last week garlic was sold at Tk 160-220 per kg which has decreased to Tk 130-160 now.

Among the spices, the price of ginger has increased the most compared to last year, rising by 215 per cent. It is now selling for Tk 300-350 per kg which was only Tk 90-120 during the same period of the last year. Until last week, ginger was sold at Tk 350-400 per kg.

Besides this, the price of chili increased by 78 per cent and turmeric increased by 19 per cent in a year.

Compared to last year, the price of cinnamon has increased by 8 per cent, selling now for Tk 450-520 per kg, while the price of cloves increased by 38 per cent, selling for Tk 1,500-1,600 per kg. The price of coriander has increased by 71 per cent; it is being sold at Tk 230-250 per kg now.

Md Mizanur Rahman, a retail trader at Faridpur Store in Karwanbazar in the capital, said, “The prices of all kinds of spices are decreasing slowly and we hope that it will continue until Eid.”