• Thursday, Nov 14, 2019
  • Last Update : 10:17 pm

Markets showing price hike before budget approval

  • Published at 09:35 pm June 26th, 2019
Dhaka kitchen market
File photo: Kitchen items in Dhaka city markets have witnessed price hikes Syed Zakir Hossain/Dhaka Tribune

It was discovered that after the draft budget declaration, the price of flour, onions, garlic, ginger, powder milk, lentils, eggs and spices have increased

Following the placement of the proposed budget for the fiscal year 2019-20, markets have become restive, with prices of essentials witnessing a sudden hike.

There is a complaint that after Ramadan, there is no market monitoring, which has been a boon for unscrupulous traders.

But government officials have said that the market is under vigilance and measures will be taken in case any irregularity is noticed.

Until the budget is passed, prices cannot go up, they said.

On June 13, the budget for the next fiscal was proposed by Finance Minister AHM Mustafa Kamal which is set to be passed on Jun 30 and come into effect from Jul 1.

It was discovered that after the draft budget declaration, the price of flour, onions, garlic, ginger, powder milk, lentils, eggs and spices have increased. To discourage smoking, price of cigarettes were also increased.

Former vice president of FBCCI and Bangladesh Shop Owners' Association President Helal Uddin, said: “Taking excess price before the passing of the budget is unethical.”

The price rise should only be applied to items which are imported under the newly structured tax rates, he added.

NBR chairman Md Mosharraf Hossain Bhuiyan, observed: “the new budget will be effective from Jul 1 and the new tax rates will also be implemented from the same day; we will monitor the price hike in the market.”

Meanwhile, Secretary of the Ministry of Commerce Md Mofizul Islam said: “The market is being monitored and the Directorate of Consumer Rights Protection is doing their work along with Bangladesh Standard Testing Institute, BSTI; if any aberrations are notices, measures will be taken."