Food prices rising even before Ramadan

It is disturbing to follow that, prices of kitchen essentials at our city markets continues to shoot up despite no shortage of supplies. This abnormal trend of price hike would unquestionably have an adverse effect during the upcoming Ramadan.

It is natural that if supply of daily essentials increase, prices would automatically decrease, however, it is not happening in our country. Why not?

We had penned two separate editorials following a gap of a fortnight last month, urging the government authorities concern to reduce and control prices of kitchen essentials. Even the prime minister had also instructed to reduce import duties on - edible oil, sugar, dates and rice.
Instead of any change taking place to reduce and control price hikes, the situation now seems quite the other way round. Prices of chickpeas, dates, and soybean oil have already been hiked in most of Dhakas kitchen markets.

It is unquestionably a big challenge but not an impossible one. In the post-pandemic years the countrys people, particularly the massive low-income segment has been grappling with abnormal and intensifying price hike.

While we agree on some of the external and realistic factors behind abnormal price hike of essential commodities - there are also a number of unethical practices and lame excuses behind recent price hikes. And once more, media reports have pointed finger towards a group of dubious importers and traders to have been creating an artificial crisis while hiking prices of kitchen essentials.

The nexus of commodity syndicates are reportedly justifying and showing  excuse of hiking prices of imported essentials in international markets - even before the goods are supplied, which takes around two months according to import orders. Concurrently, even when prices of goods decrease in international markets, there is zero impact witnessed at our city kitchen markets.

Another worrying reality is that due to lack of competition among domestic importers - since only a handful of traders are involved in importing goods - prices of imported kitchen commodities are markedly controlled by them.

The point, however, unless immediate steps are not taken to stop price hike before Ramadan, kitchen markets are likely to turn volatile going beyond control.

Reiterating our old plea once more, situation demands all stakeholders in the essential commodity supply chain to come under a single umbrella and address the abnormal price hike reality together. That said - the government must bring local importers, wholesalers, and retailers under an urgent consultative process to deter abnormal price hike in Ramadan. And the food ministry coupled with the Trading Corporation of Bangladesh (TCB) also has critical roles to play in this regard.

As for the unholy syndicates in manipulating commodity prices, we are drawing urgent attention of intelligence apparatus and law enforcement agencies concern.

There is no room for procrastination.