Demand and supply principle is not all working in spice market. Despite adequate supply, prices of all imported spices, including cardamom, cinnamon, clove and cumin increased over the past few weeks ahead of upcoming Eid-ul-Azha festival.
Among the spices, cardamom prices have gone up sharply in the market. Currently, this spice is selling at Tk 4,800 to Tk 6,000 per kg while a few weeks ago, its price was Tk 4,000 to Tk 5,000 per kg.
During a visit to Moulvibazar, Karwan Bazar and Anandabazar in the capital, this correspondent found that prices of almost all the spices have gone up abnormally ahead of Eid-ul-Azha. Cinnamon is selling at Tk 500 per kg over Tk 470 per kg, cumin Tk 800 over Tk 640per kg, black pepper or gol morich Tk 1,200 per kg over Tk 950 and clove Tk 1,300 to Tk 1,400 per kg over Tk 1,200 to Tk 1,250.
Some retailers, while talking to the Bangladesh Post, said that they have been compelled to increase prices of spices due to a bog rise in the wholesale rates.
Besides, prices of onion, garlic, ginger, turmeric and dry chili have increased in the market compared to the last several weeks’ rates.
Local onion is selling between Tk 55 and Tk 65 per kg while its price was Tk 50 to Tk 60 per kg a week ago.
Local garlic is selling at Tk 110 per kg while its price was Tk 80 per kg last month. Imported garlic is selling between Tk 185 to Tk 240 per kg. Imported ginger is selling at Tk 220 per kg against previous week’s Tk 200 per kg while local ginger is being sold at Tk 110 to Tk 150 per kg.
Price of dry chili have also increased sharply. A month ago, local dry chili was sold at Tk 300 per kg in the retail market, but it now costs Tk 330 per kg. Imported dry chili is being sold for Tk 430 per kg. Turmeric is selling between
Tk 250 and Tk 420 per kg, marking an increase in its price compared to the past several weeks’ rate.
Md Hashem Mia, owner of Hashem Store in Anandabazar, told the Bangladesh Post, prices of imported items have gone up due to high dollar rate, LC (Letter of Credit) opening complications and higher import duties.
About cardamom's unusual price hike, he said that Bangladesh meets cardamom’s demand mainly through import (80 percent) from Guatemala. Fall in production in Guetamala is also responsible for price hike of cardamom
Aynuddin, manager of wholesale shop Enayet & Brothers in Moulvibazar, said Guatemala’s poor yield this year is the main reason behind the price spike of cardamom.
Md Enayet Ullah, President of the Bangladesh Wholesale Spice Traders Association, said cardamom prices were much higher than the current rate.
He also urged the government to reduce import duty on cardamom to tame price hike of the much-consumed spice.
Lal Mia, a consumer from the capital’s Bangshal area, said, “Cardamom has become a luxury item for low-income people like us. I can’t even remember when I last bought this item.” Another consumer Didar Bhuiyan said the government should intervene in the spice market like it does in controlling other essential goods.
SM Nazer Hossain, Vice-President of the Consumers Association of Bangladesh (CAB), said traders raise product prices on various pretexts. They usually hike the prices of spices through syndicates ahead of religious festivals Eid ul Fitr, Eid-ul- Azha and Puja. He also mentioned that although the government had provided tax exemptions on several products before the last Eid, consumers did not benefit from it.
When asked about syndicates in the spice market, he said that syndicates have not been eliminated. “When one syndicate goes, a new one replaces it and, therefore consumers have to suffer,” he added.
Bikash Chandra Dash, Deputy Director of the Directorate of National Consumer Rights Protection (DNCRP), said spice prices have been on the rise for the last 2-3 months. Based on public complaints, DNCRP team earlier inspected major spice markets and will do so again if necessary.
