People expect decline in commodity prices

Published : 09 Mar 2024 09:51 PM

We are optimistic that the prices of daily essential commodities will start decreasing in our country as world food prices dropped for the seventh month in a row. According to the United Nations agency’s study, FAO Food Price Index dropped 0.7 percent in February and is 10.5 percent down from a year ago.

The prices of cereal, rice, wheat, sugar, meat, vegetables and other essentials continued to show downward trend across the globe. People of many countries have already heaved a sigh of relief as the daily essential commodities are now being sold there at reasonable prices.

Cereals alone dropped five percent during the month and 22.4 percent from February last year, driven lower by corn ‘amid expectations of large harvests in South America and competitive prices offered by Ukraine. Wheat was pulled lower by stronger Russian exports and rice prices also fell. Vegetable oil price also largely fell due to planty of  harvests in South America.

Maize (corn) prices fell sharply, reflecting improved crop conditions and the start of the harvest in Argentina and larger supplies in the United States. The meat price index declined for the seventh consecutive month as abundant supplies from leading exporting countries drove down international prices of poultry and bovine and other animal meats.

So, we think now there is no reason for increase in the prices of daily essentials in our country’s market during Ramadan. Apart from fall in prices of daily essential in global market, government intervention will make the country’s kitchen market stable. Finance and commerce ministries are working with other ministries to this end. 

It is hoped that the prices of essential commodities will come under control soon in our country. Two things can help reduce the prices of daily needs, one is to increase inflow of remittance and the other is to increase exports.

The government is taking many initiatives to increase exports. Imports have decreased a lot recently. Still, there is pressure on the dollar.

Now there is no reason

 for increase in the prices

 of daily essentials  in our

 country’s market

Initiatives have been taken to increase exports and inflow of remittance for increasing foreign exchange reserves. Therefore, we the common people of the country will also heave a sigh of relief if the prices of daily essential commodities starts to decrease here. 

However, the prices of most essentials start decreasing in the kitchen marker across the country. The prices of rice, wheat, beef, mutton, chicken, edible oil, sugar, onions, spices, fish, potatoes and other daily essentials are showing a downward trend in the country’s kitchen market in the last few days.

Besides, the prices of most vegetables are also on declining trend in the city’s different markets as the country is witnessing a plentiful supply over the last one week. The vegetables, including bean, aubergine, radish, cucurbitaceous plant, yard long bean, cauliflower, cabbage, papaya, okra, bitter gourd, bottle gourd, sweet gourd and green chili are being sold at reasonable price now.

In the past, people of the country were bearing the brunt of skyrocketing price of essentials. However, there was no ground for the price hike of essential commodities.

Prices of essential commodities had gone beyond the purchasing capacity of the general people. All steps taken by the authorities concerned to keep daily essentials’ prices under control also went in vain, previously.

Everything was very expensive as prices of most essentials including vegetables increased abnormally with retail prices of almost all kinds rising from 80 per cent to 100 per cent. 

The unscrupulous businesses with unholy nexus of strong syndicate had hiked prices of essentials since last year. We appreciate the government’s steps which are now controlling the commodity price in this tough time.  We also believe the prices of all essentials will further decrease.