Higher dollar rates push up spice prices along with other commodities

The prices of all types of spices have shot up ahead of Eid-ul-Adha along with the prices of fish, chicken, meat, potato, and green chili.

The traders have blamed the fluctuating exchange rate of US dollars behind the rise in the price of spices. They also said inflation and devaluation of local currency vastly impacted the soaring prices of goods produced in the country.

Currently, cumin is retailing at Tk850 to Tk1,000 per kg, up from Tk570 to Tk650 in the first week of this month, while the minimum retail price for cardamom rose to Tk3,800 from Tk2,800. The premium quality of cardamom that was previously priced at Tk3,200 is now being sold at Tk 4200 per kg.

On Friday, garlic is selling from Tk220 to Tk270, ginger at Tk240 to Tk300, local variety of onion at Tk80 per kg, green chili at Tk 180 to 230, dry red chili at Tk 550 to 650 per kg in the capital.

Shourab Saha, spice retailer in the Karwan Bazar told UNB on Friday that spice items are usually raised ahead of Eid festival, but this year, prices up due to the dollar price jumped at all-time higher.

He said the wholesalers are raising the prices of spice every week claiming higher import costs due to costlier the US dollar price. The US dollar is usually used in Bangladesh for international trading, so any ups and downs of this foreign exchange affected the prices of consumer items.

Additionally, the wholesale price of white pepper has risen to Tk1,300 from Tk1,000. Cashew nuts are now selling at Tk1,400, compared to Tk1,200 earlier, while chickpeas have seen an increase from Tk102 to Tk130 per kg.

Ramzan Ali of Chadpur Traders in Karwan Bazar, who used to procure spices twice a week from the Moulvi Bazar wholesale market in Old Dhaka, expressed disappointment at the recent price surge.

"Just 2 weeks ago, I purchased cumin at Tk570-Tk580 per kg, but now I have to pay Tk700, although these spices were imported well before the new dollar rate came into effect," he said. "It appears to be the work of a syndicate, "he added.

A staffer at another store said, "Just six months ago, cardamom was priced at Tk1,700-Tk1,800 per kg, but now it's selling for Tk3,800-Tk4,200. Clearly, a syndicate is controlling the spice trade."

A spice wholesaler at Moulvi Bazar wholesale market told UNB over mobile phone that importers instructed them to raise prices in line with the increased dollar rate.

Egg prices has remained in a rising trend since last since the beginning of this month and was selling this popular protein item at Tk160 to Tk170 per dozen on Friday in the capital. It saw an increase of price by Tk30 per dozen in this month.

Special quality farm eggs are priced at Tk220 to Tk250 per dozen. Eggs of domestic rearing hens sell at Tk85 to Tk90 per hali (4 pieces) and duck eggs sell at Tk75 to Tk80 per hali.

The price of broiler chicken and Pakistani-origin Sonali chicken have increased by Tk10 to Tk20 per kg compared to the last two weeks. The boiler chicken was selling at Tk220 to Tk240 per kg based on size and quality. Apart from this, the price of Sonali chicken has also increased and is being sold at Tk360 to Tk370 per kg based on size and quality.

Similarly, cock chicken is being sold at Tk370 to Tk390 per kg, layer chicken at Tk300 to Tk350 per kg, and local (desi) chicken at Tk670 to Tk765 per kg.

The traders of the concerned sectors said that prices of chicken increased due to price hikes of chicken food and chicks. Besides, the ongoing heat wave also affected chicken farms, which also impacted the price hike.

Beef was selling between Tk750 to Tk780 per kg on Friday based on quality, and saw a rise of price by Tk30 per kg than other days of the week. Mutton and goat meat was selling at Tk1,000 to Tk1,180 per kg based on quality, which saw an increase of Tk50 per kg.

Hilsha weighing about 450 grams was selling at Tk650 per kg while Hilsha weighing 1.0 kg plus were selling at Tk1,800 to Tk2,000 per kg at Karwan Bazar fish market on Friday. Hilsha weighing 700 to 800 grams was selling at Tk900 to Tk1,000 per piece.

Fish like Ruhit and carp were selling between Tk300 to Tk450 per kg based size and quality. Others fish including riverine small fish were selling at Tk400 to Tk700 per kg on Friday.

The prices of vegetables have remained stable at higher rate this time compared to the previous years. Traders blamed inflation for this higher price. Vegetables including eggplant, okra, drumsticks, string beans, and bitter gourd were stable between Tk50 to Tk60 per kg on Friday. The prices of tomatoes have increased as the season is ending. Good quality tomatoes were selling between Tk60 to Tk70 per kg.

Vegetables like brinjal and others were selling between Tk50 to Tk60 per kg, bottle gourd, ash gourd, and cauliflower at Tk50 to Tk60 per piece.

The prices of other commodities including rice, wheat, flour, milk, soybean, aromatic rice, and sugar, have remained unchanged.