Prices of essentials rise ahead of Ramadan
Prices of many essential commodities, such as edible oil, chickpeas and sugar, have gone up at both retail and wholesale markets across Chattogram despite a rise in imports in the past three months.
The development comes about two months ahead of the fasting month of Ramadan, when demand for these consumer goods goes up to a large extent.
Price hikes ahead of Ramadan are a common phenomenon, according to Najer Hossain, vice president of the Consumer Association of Bangladesh (CAB).
"This is because the syndicates of traders and importers hike the prices in several phases before mobile court drives are made to tame the spiral," he told The Daily Star.
In order to control prices, it is necessary to monitor the market a few months ahead of Ramadan aside from conducting regular monitoring throughout the year, Hossain added.
According to traders and importers, prices are on an upward trend in global markets as well.
Costs have been fluctuating for the last few months due to a drop in production in exporting countries and weakening of the international trading system, they said.
The wholesale price of soybean oil at Chattogram's Khatunganj market, one of the country's largest wholesale hubs, has increased by Tk 350 per maund (37.3 kilogrammes) to about Tk 4,500.
Similarly, palm oil now costs around Tk 3,700 per maund, an increase of about Tk 100 to Tk 120.
In retail markets, the price of bottled soybean oil has increased by Tk 10 to Tk 15 per kg to about Tk 132 while loose soybean has risen by Tk 10 Tk 12 per kg to about Tk 122 in the span of a month.
The wholesale price of chickpeas has increased by Tk 450 per maund from that a month ago to around Tk 2,190. Similarly, dried peas sold for around Tk 1,490 per maund, an increase of about Tk 370.
Retailers say that the price of chickpeas in the domestic market has increased by Tk 12 to Tk 15 per kg to roughly Tk 63 to Tk 70 while dried chickpeas by Tk 10 per kg to about Tk 43 to Tk 45.
The price of another essential commodity -- sugar -- has soared to around Tk 2,290 per kg while it was Tk 2,050 a month back.
Anower Hossain, a wholesale trader at Khatunganj market, said they have sufficient stocks of Ramadan items, including chickpeas and sugar, and that there was no sign of a supply shortage.
However, retailers suddenly placed more orders with Ramadan in mind, resulting in a slight increase in prices at wholesale markets, he added.
Market insiders said although there were sufficient stocks, a nexus of dishonest wholesalers and retailers have created illegal, profit-mongering syndicates that charge extra for these items.
In this situation, it is the people, especially those of the low and middle classes, who suffer the most, they added.
According to data from Chattogram Custom House, more than 3.73 lakh tonnes of edible oil, including crude soya bean and refined palm oil, were imported through the Chattogram port in the three months preceding January, up from 3.59 lakh tonnes in the same period a year ago.
Chickpea imports amounted to around 62,165 tonnes while the figure was 183,450 tonnes for the dried variety between November 2020 and January 2021, up from 63,120 tonnes and 162,034 tonnes respectively the year before.
In the same period, about 38,043 tonnes of sugar were imported, the data shows.
SM Zakaria, additional deputy commissioner of Chattogram district, told The Daily Star that market monitoring for Ramadan sales has not yet started.
"We will conduct market monitoring activities very soon after fixing a work plan," he added.
Asked about the price hike, Zakaria said they regularly conduct market monitoring within a small periphery every month. "If any allegation is received, we will conduct drives and take legal action against the dishonest traders," said the additional deputy commissioner.
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