Sugar prices have reached a record high internationally, which has had a ripple effect on Bangladesh’s wholesale markets, including those in Dhaka and Chattogram.
Sugar prices edged up in the wholesale market of Bangladesh within days after refiners declared that they would sell the sweetener at higher prices from the first day of February.
The government must implement economic policies that deal with the ongoing crisis
With sugar prices making new records almost every day for a supply crunch at home and abroad, pushing up the cost of making sweetener-based foods, state-run Bangladesh Sugar and Food Industries Corporation (BSFIC) can’t increase the supply to provide some relief to consumers.
Govt must do more to stop consumers’ purchasing power erosion
The sudden rise in the price of sugar, a key ingredient for popular items such as biscuits, juices, sweets and candies, has pushed up the cost of production, putting manufacturers in a tight spot.
The Directorate of National Consumers Right Protection has identified seven reasons behind the price hike and shortage of sugar, including gas crisis, not mentioning price in sales invoices and complications in opening letters of credit.