Economic Reporter :
Prices of rice, edible oil, sugar, egg, chicken and many products have increased significantly in the recent days, leaving consumers to force to cut their consumption.
A litre of soybean oil is now selling at Tk 150 to Tk 153, as against its last year’s price of Tk 130, respectively. According to the Trading Corporation of Bangladesh, last September one litre of soybean oil was selling at 100.
Similarly, sugar price has soared to Tk 78 per kg from Tk 60 kg a year ago. Prices of eggs and chicken, two most vital sources of protein, have also increased more than 20 percent over a year.
Nurul Alam, a resident of Moghbazar in Dhaka, said soaring prices of essentials have made his life miserable as his income did not increase by a single paisa during this period.
“I am forced to cut my consumption as I see no respite from increasing spending, be it my house rents, utility bills or food items,” he said. A five-litre bottled soybean oil is being sold at Tk 680 to Tk 700, retailers said. Besides, palm oil is selling at Tk 145 which increased by Tk 7 in a week. Chicken prices have also surged, forcing consumers to eat less of it. After the reopening of restaurants and fast food shops, the demand for chicken has increased matching with its prices.
Traders said the prices of chicken are spiraling as its supply declined. Most of the poultry farms had cut their production amid Covid-19 pandemic and chicken production cannot be increased overnight, traders said.
The price of ‘Pakistani chicken’ increased by Tk 50 to Tk 60 a kilogram and is selling at Tk 260 to Tk 280.
The prices of eggs have increased simultaneously, too. Every dozen of eggs was selling at Tk 110, up by Tk 20.
Meanwhile, prices of powdered milk and condensed milk have also gone up abnormally. Within a month, the prices of powdered milk have increased by Tk 40 to Tk 50 per kg and condensed milk has increased by Tk 10 per cane.
One kilogram of Diploma brand milk is selling at Tk 650, Marks at Tk 600 and Danish condensed milk at Tk 70 per cane.
”The price of rice has gone up by Tk 1 to Tk 2 per kg, but the impact has not been much on the market. In the last 15 days, the wholesale prices of almost all varieties of rice have gone up by Tk 50 per 50 kg sack,” said Atiqul Islam, the owner of Taiyeba Rice Agency at Mirpur circle one.
According to the traders, Paijam 50 kg rice sacks are selling at Tk 2,350, BR-28 at Tk 2,350 and Miniket Tk 3,000, respectively. In the retail market, Paijam is selling at Tk 50 per kg, BR 28 at Tk 55 and Miniket at Tk 75, respectively.
Raju Ahsan, owner of Babu Bazar Jewel Rice Agency, told Business Insider Bangladesh that the rice market is okay but retailers are profiting much by buying from us at lower prices and selling at higher prices.
Ghulam Rahman, President of Consumers Association of Bangladesh, said prices of essentials are rising at a time when income of citizens has been affected badly due to the pandemic.
“More people have fallen below the poverty line,” Rahman told the Business Insider Bangladesh, on Thursday.
