Prices of all types of rice increased across the country in the first half of January of the new year. They increased by Tk4-6 per kg in just ten days. In December 2023, potato prices gave a shockwave to customers with a 229% year-on-year price surge. Data from the Trading Corporation of Bangladesh (TCB) show potatoes were sold at Tk16-22 per kg in December 2022. However, both old and newly harvested potatoes were being sold at Tk60-65 per kg in December 2023.
Stern warnings by the government and mobile courts have not been able to check the prices of rice and potatoes, as well as oil, sugar, onions, fish, beef, eggs, and poultry products. Prices of winter vegetables are also high. Seeing no immediate sign of hope, many consumers now fear that the prices might be inflated further ahead of the month of Ramadan, which is not far away.
To check the abnormal hike in prices of commodities, the Commerce Ministry and the four other ministries concerned have been working in a concerted way since the new government took office on January 11. Prime Minister Sheikh Hasina has directed stern action against hoarders and asked officials concerned to take all-out measures to bring prices under control, the first priority of the new government.
The ministers met on January 21, with officials of the Bangladesh Bank and the National Board of Revenue (NBR) in attendance. They decided to launch an integrated market management and monitoring approach to check market manipulation and curb rising commodity prices ahead of Ramadan.
In parallel, the Director General of the Directorate of National Consumers Rights Protection (DNCRP) is carrying out operations by mobile courts and holding discussions with market players.
The authorities say there is no shortage of imported products on the market.
As an immediate measure to bring down the prices of commodities ahead of Ramadan, the NBR is currently working to reduce duty on daily necessities.
Meanwhile, the DNCRP chief, AHM Shafiquzzaman, has come up with a different plan. He has announced rewards for those who will adhere to the country’s laws and follow the principles of ethical competition.
During a meeting with stakeholders on Wednesday, he said that honest traders would be rewarded on World Consumer Rights Day, to be observed on March 15.
He hoped that the supply would remain stable in Ramadan. He thinks the price of rice has increased unreasonably. Traders are selling rice that was already in their silos, but they are claiming that it is the new rice bought at a higher rate.
He warned of sealing off shops if the businessmen did not satisfy customers.
A day after the inter-ministerial meeting, the prime minister issued directives for immediate action against rice hoarders, saying the hike in rice prices immediately after the election was an unusual thing. The individuals behind it should be identified and action taken against them through mobile courts. They should be promptly sent to jail.
Following up on the PM’s directives, DNCRP chief AHM Shafiquzzaman said that traders would not be allowed to play tricks on consumers. He said traders should keep their vouchers, while wholesalers should voluntarily provide vouchers to their customers.
He pointed to the trend that the prices of products suddenly increase at the beginning of Ramadan and start to fall after two weeks because of the buying spree among consumers.