Commodity prices mostly down, still not in comfort zone

Despite a slight decline in the prices of some essential commodities compared to the same time the previous year, consumers are still experiencing high costs for daily necessities.

An analysis of around 15 basic commodities, including soybean oil, flour, masoor dal, broiler chicken, eggs, potatoes, and vegetables, shows no substantial year-on-year (YoY) price change overall.

The main exceptions are rice and particularly local onions, which have seen significant increases.

High-quality domestic onions were priced between Tk155 and Tk160 per kilogram in major Dhaka markets today, up from Tk130-135 just two weeks earlier.

A market survey in Dhaka's key markets, including Karwan Bazar, Kalyanpur, Hatirpool, Shyambazar, and Shewrapara today revealed that while vegetable prices have fallen by approximately Tk10 per kilogram compared to last year, other staple prices remain largely consistent.

Data from the Trading Corporation of Bangladesh (TCB) indicate some variation in prices among commodities, yet overall fluctuations have been minimal.

Prices of eggs, imported onions, ruhi fish, and green chillies have decreased compared to this year.

Rice, however, is on an upward trend with medium-grain BR Atash rice now retailing at Tk65 per kilogram.

Ali Hossain, a sales assistant at Yasin General Store in Karwan Bazar, noted that Atash rice's price has risen by Tk2 per kilogram in the past 10 days.

Mohammad Nazrul, a vegetable vendor at Karwan Bazar, confirmed that while some winter vegetables are now cheaper due to increased seasonal supply, rice and local onion prices have continued to climb.

"The government needs to strictly monitor the market. We do not see visible monitoring here," he added.

In an effort to control essential commodity prices, the newly sworn-in interim government has reduced import duties on sugar, soybean oil, palm oil, and eggs.

On Thursday, duties on rice imports were also waived. However, consumers continue to call for better market oversight.

A year-on-year review of TBS data reveals minimal price changes in most vegetables, with some items like long beans, okra, and various gourds priced at Tk60 per kilogram, compared to Tk60-80 per kilogram last year.

Beans are currently priced between Tk100 and Tk120 per kilogram, similar to last year's figures. Cauliflower is available at Tk40 per piece, and bottle gourds range between Tk35 and Tk40.

Meanwhile, onions have seen significant price increases in recent weeks.

Retailer Mohammad Abbas noted that Pabna-grown onions are currently among the best-quality domestic options, explaining, "Two weeks ago, I sold these onions for Tk134 per kg. Now, they are at Tk155."

Indian onions, imported to supplement local supplies, were priced at Tk120 per kilogram, while potatoes remained steady at Tk60 per kilogram.

At the wholesale level, vendors report a Tk20 rise for second-grade local onions, now sold at Tk120-125 per kilogram.

Mohammad Abdul Majed, a wholesale onion seller at Shyambazar, explained that local onion stocks are seasonally low, resulting in the typical price surge.

"Every year around this time, local onion stocks run low, and we rely on imports to meet demand," he said, adding that imported onions from India and Pakistan are currently sold at Tk90-92 per kilogram in the wholesale market.

Majed anticipates that the upcoming arrival of "murikata" onions—fresh local harvest—should help stabilise prices in the coming days.

"Imported onion prices have remained steady in the wholesale market. With the new 'murikata' onions due to arrive soon, we expect the market to stabilise," he said.

In the interim, imported supplies remain essential to offset the seasonal shortage of local onions.

Ghulam Rahman, former president of the Consumers Association of Bangladesh, stressed the importance of stabilising the economy and controlling essential commodity prices.

"Maintaining law and order, stabilising the country's economy, and providing relief to the people should be the government's top priorities," he said.

As the market adjusts to recent policy measures and seasonal fluctuations, consumers continue to call for more consistent oversight to manage prices of daily essentials, especially amid concerns over staple commodities like rice and onions.