The prices of several daily commodities, including rice, are rising once again following the fall of Sheikh Hasina's government on August 5. After a brief period of stability, syndicates and extortionists have resumed their activities, resulting in renewed price hikes for essential goods.
Vice President of the Consumers Association of Bangladesh, SM Nazer Hossain, remarked, "After Sheikh Hasina's resignation on August 5, the prices of daily commodities began to decrease. However, they are now rising again due to the resurgence of old syndicates in the market."
AHM Safikuzzaman, the immediate past Director General of the Directorate of National Consumer Rights Protection, commented, "Extortionists and syndicates have returned to their previous ways, with only individuals or groups being reshuffled."
In the past week, the price of coarse rice has increased by Tk 5 to Tk 6 per kilogram. While one kilogram of coarse rice was priced at Tk 50 to Tk 54 a week ago, it now costs Tk 56 to Tk 60. The price of Miniket rice has similarly risen by Tk 6 per kilogram.
Potato and onion prices have remained high for several months. Potatoes are currently priced at Tk 55 to Tk 60 per kilogram, and local onions cost Tk 110 to Tk 120 per kilogram. Although the existing 25 per cent import duty on potatoes has been reduced to 15 per cent, and the regulatory duties of 3 per cent on potato imports and 5 per cent on onion imports have been entirely withdrawn, the prices of these two products have yet to decrease.
AKM Khorshed Alam Khan, President of the Bangladesh Auto Rice Mill Owners Association, explained, "If you ask why rice prices are increasing, traders will tell you there's a shortage of rice in the market. They'll also mention floods, but the real story is different. While paddy is indeed scarce in the market, paddy owners in the northern region have already bought and stocked it. Now, they are taking advantage of the situation to raise prices and maximise profits, with only 30 chatal owners controlling the market."
He added, "They remained inactive for a few days after the government's fall, and during that time, rice prices did not increase. Now, however, they are active once again." When asked whether rice prices are likely to rise further, he responded, "It will take around one and a half months for the new paddy to mature. If this syndicate isn't dismantled, the rice market could become even more unstable."
The price of broiler chicken has increased by Tk 10 per kilogram. Two weeks ago, broiler chicken was priced at Tk 170 per kilogram, but it is now selling for Tk 180. The price of golden chicken has also risen by Tk 10, selling at Tk 260 per kilogram. The price of farm chicken eggs has increased by Tk 5 per dozen, with a dozen brown eggs now selling at Tk 155 to Tk 160, and white eggs at Tk 150 per dozen.
While the price of most vegetables has decreased slightly, chilli prices continue to rise.
Suman Howladar, President of the Bangladesh Poultry Association, said, "The price of chicken and eggs depends largely on poultry feed, which accounts for 70 per cent of the total production cost. Feed prices have not decreased-they remain the same as before.
Despite government policies and syndicates keeping feed prices high, corporates are still controlling the market. They set the prices of eggs and chicken through a syndicate, with only a few traders monopolising the market.
After the government's fall, they were subdued for a few days but have now become active again. Additionally, many farms were damaged by floods."
While farmed fish prices have stabilised following the cessation of exports to India, hilsa prices remain high despite it being hilsa season.
One kilogram of hilsa is being sold at Tk 1,600, while smaller hilsa weighing 800 to 900 grams are priced at Tk 1,400 to Tk 1,500 per kilogram. Hilsa weighing 500 to 600 grams cost between Tk 1,200 and Tk 1,300 per kilogram.
SM Nazer Hossain noted, "After the government's fall, daily commodity prices initially decreased, and extortion came to a halt. However, prices are rising once more because syndicates and extortionists have returned to the market."
According to him, this is the time to regulate the market. "After the student uprising, the field is fully prepared. If action is delayed, the market will revert to its previous state."
AHM Safikuzzaman shared similar sentiments: "During my visits to several markets, including Karwan Bazaar, it became clear that the syndicate had only paused briefly. Now, it has resumed, albeit with a new group controlling things. The situation is the same as before, which is why daily commodity prices are rising."
He added that while the floods have had an impact, the price of fuel oil has decreased.
