Prices of sugar, flour, rice, eggs and vegetables have all experienced fresh hikes last week.
The country's sugar market has been heating up for the past few days after India's announcement on Tuesday to restrict sugar exports as a precautionary measure to safeguard its own food supplies.
According to market insiders, Bangladesh is almost fully dependent on imported sugar, while India supplies 15% of raw sugar to Bangladeshi refiners.
Within 2-3 days of this announcement, the price of loose sugar increased in the retail market by Tk5 to Tk80-85 per kg, which was Tk78-Tk80 just days before the announcement.
Moreover, packaged sugar is being sold at Tk85-95 per kg, often as high as Tk95-Tk100.
Brown sugar, produced by Bangladesh Sugar and Food Industries Corporation (BSFIC), is being sold at Tk110 per kg, although the retail rate is Tk85 per kg.
In this regard, BSFIC called for stern action against the traders and businesses responsible for the recent sugar price hike across the country.
The state-owned sugar entity, in a press release issued last week, wrote that the maximum retail price of its 1kg packet of organic brown sugar remains fixed at Tk85.
However, unscrupulous traders were still selling them at hiked rates, from Tk110-Tk120, by altering the factory price seal.
A senior official of the Bangladesh Sugar Refiners Association (BSRA) told Dhaka Tribune that the government provided tariff benefits on the import of sugar from 20-30%. But the 20% tariff benefit expired on May 15.
Moreover, India is planning to impose a ban on sugar import. India is the supplier of our 15% of total sugar. For these reasons, the price is increasing, he added.
Wheat prices also high
After the announcement of India to halt all exports of wheat, the price of flour had increased in the country.
Moreover, recently, Commerce Minister Tipu Munshi and Food Minister Shadhan Chandra Majumder said that the India ban on wheat exports would not hurt Bangladesh as India banned wheat exports at a private level, and had not banned wheat export at government level.
Even after that, the price of atta and maida has gone up in markets. Currently, unpackaged atta is being sold at Tk46-Tk50 per kg, which was Tk40-Tk48 five days ago.
The price of packaged atta was Tk48-Tk52, which was Tk46-Tk48 per kg.
The price of maida is Tk60 per kg for loose variant and Tk68 per kg for packaged variant, which was at Tk55 and Tk60 last week respectively.
Moreover, retail prices of wheat flour recently shot up to a 15-year high in the local market amid concerns of a supply shortage due to Indian ban on exports and Russia's war on Ukraine.
During the harvesting season of rice, the price remains little lower than other times but the reality of the rice market is different this season.
At the retail level, Miniket rice is being sold at Tk65-68 per kg, which was Tk60-62a week ago.
Paizam rice is being sold at Tk56 per kg which was Tk46-52 the week before.
The price of coarse rice has also gone up by Tk2-Tk4 per kg and now selling at Tk46-Tk48, which was Tk42-45 last week.
Jasim Uddin, a wholesaler at Karwan Bazar, said that the millers did not accept orders for a few days, which was alarming.
Meanwhile, some traders said that the price is going up as they were informed that India is likely to prevent export of rice, after imposing a ban on wheat and sugar.
Eggs, a source of relatively low-cost protein, have also been added to the list of essentials with hiked prices.
The price of eggs increased by Tk10-20 per dozen, to Tk120-Tk129 from Tk110-Tk115 last week.
Usually, the egg prices are slightly lower during the summer months due to conservation concerns. But the situation is adverse this year.
However, vendors said that egg prices have risen this year because of the rising price of poultry feeds.
Meanwhile, the shopkeepers of neighborhoods shops are talking Tk44 for 4 eggs, seen while visiting the Kallyanpur area of the capital.
Moreover, the prices of all commodities are different on the ground as opposed to the price howed in TCB data.
Along with these products, the price of garlic, onion, ginger, other spices, and veggies also experienced fresh hikes.
