Staff Reporter :
Rising trend of food prices and daily essential commodities should be taken seriously before artificial crisis is created.
Experts warned that the breakdown of international food supply chain for Russia’s invasion of Ukraine caused concern of food grain shortages across the globe.
In recent days, the onion price increased by Tk 15 per kg and being sold at Tk 50 to Tk 60 in city markets. The price of garlic also hiked and selling at Tk80-90 per kg instead of Tk 50 to 60. The price of lentil also increased by Tk 10 per kg within a week and selling at Tk 130 per kg in city markets.
Earlier, the price of soybean oil increased by Tk 38 per litter and began to sell at Tk 198 from Tk 160 per litter on May 6, but the most essential items went out of market and was selling at Tk 220 per litter.
Indonesia recently imposed ban on exporting palm oil which created bad impact on the edible oil market. Meanwhile, India on last Friday baned wheat export which put Bangladesh in a challenging situation to control food prices.
Though minister and officials of food ministry did not agree that the neighboring country’s restriction contributed to the increase of food prices, the wheat prices rose by 25 percent in the local market within 24 hours of India’s export ban.
On the other hand, imports of wheat from Russia and its neighbouring countries had been stopped since the Ukraine war began in February.
However, the government is importing 3,00,000 tonnes of wheat from India order whereof was placed before the country imposed the ban. Interestingly, the government has decided not to import rice now.
“The government is now procuring Boro rice and paddy from the local market,” Mosammat Nazmanara Khanum, Secretary, of the Ministry of Food told it recently. But the experts differed saying that import might be necessary.
Khondaker Golam Moazzem, Additional Research Director of Center for Policy Dialogue (CPD) said, “The government should give importance to the fact that the consumers will spend most of their food budget in rice. So, the demand for rice will increase in the coming days.”
As per the latest data, the government has a stock of 11.28 lakh tonnes of food grains, including 1.12 lakh tonnes of wheat and 10.15 lakh tonnes of rice and paddy in its silos. Experts said if the government food stock goes under 10 lakh tonnes, it may leave a negative impact in the market. In this circumstances, Prime Minister Sheikh Hasina asked the people to maintain austerity and cautiousness on all kinds of expenditures,
Talking about the recent price hike of essentials, the prime minister said COVID-19 and Russia-Ukraine war put pressure on the economies of all countries across the globe.
“The whole world is suffering. The impact of these will be on us also. The prices of imported items have increased. Cost of transportation went up, production decreased where the war is going on,” the PM said it during the meeting of the National Economic Council (NEC) on Tuesday.
She stressed maintaining austerity in every sphere of life. “We must not spend our resources unnecessarily, we have to preserve those. If we can maintain accurate calculation, we will not face any problem. I believe that,” she said.
