Spice prices drop ahead of Eid

Prices of most spices have dropped in Dhaka's kitchen markets ahead of Eid-ul-Azha, giving some relief to consumers, but rising vegetable prices are putting extra pressure on fixed middle-income people.

Traders say due to adequate imports and sufficient supply in the market to meet demand, the prices of many spice items have dropped this year compared to last year.

On the other hand, due to continuous rainfall over the past few days in various parts of the country, the supply of vegetables in the market has decreased, leading to a rise in the prices of some vegetables.

Mohammad Bablu, a retailer in Karwan Bazar, one of the largest kitchen markets in Dhaka, told The Daily Star that due to higher supply in the market relative to demand, the prices of many spices have decreased compared to last year, and prices of some items have dropped by more than half.

For this reason, there is some relief among consumers regarding spice prices this time, he said.

According to data from the state-run Trading Corporation of Bangladesh (TCB) as of June 2, year-on-year prices of several essential spice items have seen notable declines.

Onion prices dropped by 31.25 percent, garlic by 42.86 percent, dried chilli by 26.39 percent, turmeric by 13.33 percent, and ginger by a significant 100 percent.

Other spices also recorded moderate price reductions over the past year. Cumin prices fell by 14.38 percent, cinnamon by 4 percent, clove by 14 percent, and coriander by 2 percent.

However, according to the TCB market price on June 2, the year-on-year price of cardamom has increased by 31 percent and the price of imported turmeric by 6.35 percent.

At Karwan Bazar yesterday, dried chilli was sold for Tk 220 to Tk 240 per kilogramme, depending on quality. In contrast, before last year's Eid-ul-Azha, its price had surged to Tk 350–400.

Last year, imported garlic was priced at about Tk 270 per kg during Eid-ul-Azha, but this year it is selling for Tk 160–170. Ginger, depending on quality, is now available at Tk 120 to Tk 130 per kg, compared to Tk 230–270 last year.

Salam Mia, a wholesale trader at the same market, said he has been doing business there for the past ten years. However, he had never seen spice prices fall before Eid.

"This year, I am witnessing an unusual trend of price declines ahead of the upcoming Eid," he added.

A visit to the kitchen markets in Dhaka yesterday revealed that retail vegetable prices have increased by Tk 10 to Tk 20 per kilogramme. Okra, pointed gourd, eggplant, and yardlong beans were sold at Tk 40 to Tk 70 per kilogramme whereas a week ago, their prices ranged from Tk 30 to Tk 60.

Nokib Hasan, a resident of Mirpur, said when the price of one item drops but the cost of another rises, it ultimately offers no real relief to consumers.

He said the government should pay attention to this issue.

Fahim Hossain, a retail trader in Karwan Bazar, said due to the rains in the past few days, the supply of vegetables in the market has decreased. Due to this, the prices have increased.