Economic Reporter :
Sufferings of the middle and low income groups are growing as the volatility in the prices of some half a dozen essential commodities, including rice, edible oil, pulse, sugar and garlic, on the back of the record price hike of onion has been persisting.
The unabated price hike of essentials in the absence of proper market monitoring and intervention was forcing the majority population to spend higher on food and less on other items like clothes, healthcare and education with their limited income, analysts said.
Prices of pulses and loose edible oil increased further last week, augmenting the sufferings of the consumers, especially the commoners who were already hit-hard by the cost hike of many other essentials.
Pulses, mainly finer lentil, khesari and moong bean (moog) increased by Tk 10-20 per kilogram (kg) in the week.
Consumers said finer lentil, both local varieties and imported Nepalese which were already dearer, witnessed further price hike in the last seven days. Traders claimed that pulse prices increased again due to a surge in import cost and shortfall in local output.
Finer lentil was sold at Tk 110-125 (local) and Tk 125-140 (Nepalese) per kg on Thursday, the last day of the week. Moog was retailed at Tk 135-155 and khesari Tk 68-Tk 75 a kg depending on quality.
However, prices of gram, coarse lentil and anchor remained static. Imported coarse lentils were selling at Tk 65- Tk 80 a kg depending on varieties while anchor pulses (a kind of broken gram) were selling at Tk 38- 45 a kg.
Contacted, Joint Secretary of Bangladesh Pulses Wholesalers’ Association Shahidul Alam said costs of pulses rose amid a decline in import following the coronavirus outbreak in some exporting countries like Turkey, Canada and Australia.
He said local production of lentil was also hampered by unfavourable weather this year.
The country has a demand for 1.3-1.4 million tonnes of pulses annually of which it produces only 0.38 million tonnes, according to the ministry of commerce and the Bangladesh Bureau of Statistics.
Bangladesh imports 0.75 to 0.8 million tonnes of pulses per annum mainly from Australia, India, Turkey, Nepal and Canada.
Loose palm oil became costlier by Tk 4.0-5.0 per litre and was selling at Tk 78-84 a litre on Thursday, raising woes of the consumers, especially the low-income people. Loose soybean oil also witnessed further hike of Tk 2.0 a litre and was sold at Tk 92-94 per litre on the day.
The Trading Corporation of Bangladesh (TCB) recorded a 4.0 to 5.0 per cent hike in loose edible oil prices in the past week.
The government was satisfied as the price hike of daily products was at a moderate level. But now that the price of almost every essential commodity has started to rise, there is no longer scope for complacence. The lower income people are likely to suffer.
The ministry should take the initiative to import goods, monitoring when a product crisis may arise. They should intervene in the market when needed through TCB sales or open market. This will ease the consumers’ sufferings somewhat.
Sufferings of the middle and low income groups are growing as the volatility in the prices of some half a dozen essential commodities, including rice, edible oil, pulse, sugar and garlic, on the back of the record price hike of onion has been persisting.
The unabated price hike of essentials in the absence of proper market monitoring and intervention was forcing the majority population to spend higher on food and less on other items like clothes, healthcare and education with their limited income, analysts said.
Prices of pulses and loose edible oil increased further last week, augmenting the sufferings of the consumers, especially the commoners who were already hit-hard by the cost hike of many other essentials.
Pulses, mainly finer lentil, khesari and moong bean (moog) increased by Tk 10-20 per kilogram (kg) in the week.
Consumers said finer lentil, both local varieties and imported Nepalese which were already dearer, witnessed further price hike in the last seven days. Traders claimed that pulse prices increased again due to a surge in import cost and shortfall in local output.
Finer lentil was sold at Tk 110-125 (local) and Tk 125-140 (Nepalese) per kg on Thursday, the last day of the week. Moog was retailed at Tk 135-155 and khesari Tk 68-Tk 75 a kg depending on quality.
However, prices of gram, coarse lentil and anchor remained static. Imported coarse lentils were selling at Tk 65- Tk 80 a kg depending on varieties while anchor pulses (a kind of broken gram) were selling at Tk 38- 45 a kg.
Contacted, Joint Secretary of Bangladesh Pulses Wholesalers’ Association Shahidul Alam said costs of pulses rose amid a decline in import following the coronavirus outbreak in some exporting countries like Turkey, Canada and Australia.
He said local production of lentil was also hampered by unfavourable weather this year.
The country has a demand for 1.3-1.4 million tonnes of pulses annually of which it produces only 0.38 million tonnes, according to the ministry of commerce and the Bangladesh Bureau of Statistics.
Bangladesh imports 0.75 to 0.8 million tonnes of pulses per annum mainly from Australia, India, Turkey, Nepal and Canada.
Loose palm oil became costlier by Tk 4.0-5.0 per litre and was selling at Tk 78-84 a litre on Thursday, raising woes of the consumers, especially the low-income people. Loose soybean oil also witnessed further hike of Tk 2.0 a litre and was sold at Tk 92-94 per litre on the day.
The Trading Corporation of Bangladesh (TCB) recorded a 4.0 to 5.0 per cent hike in loose edible oil prices in the past week.
The government was satisfied as the price hike of daily products was at a moderate level. But now that the price of almost every essential commodity has started to rise, there is no longer scope for complacence. The lower income people are likely to suffer.
The ministry should take the initiative to import goods, monitoring when a product crisis may arise. They should intervene in the market when needed through TCB sales or open market. This will ease the consumers’ sufferings somewhat.
