The government is preparing calendars for six more essential items aiming to check their unusual price hike in the domestic market, officials said.
The widely-consumed products are: Edible oil, sugar, lentils, ginger, garlic and gram. Earlier, the government had prepared a commodity calendar for onion.
The feature of the calendars will have some variables relating to the commodities such as the lean period of these products, major hubs, forecast, demand, stock, international price, possible drought, supply side and status of letter of credit.
The above status of each item will remain on a monthly basis. The calendars will remain at key ministries including Prime Minister's Office.
While talking to the FE, a senior official of the commerce ministry said: "A move is underway to launch commodity calendars for six more essential goods soon."
The calendars will be prepared to stop price volatility as the common people suffer for volatile market. "We believe this will be a good instrument to analyse market behaviour," a high official of the ministry said.
When contacted, Sha Md. Abu Raihan Alberuni, a member of Bangladesh Trade and Tariff Commission (BTTC) said: "The main objective of the calendars is to ensure a sufficient supply of essential staples in the market throughout the year."
Besides, it will be a tool to check any possible syndication or hoarding of such items by any unscrupulous traders, he added.
Mr. Alberuni said the government will take necessary steps by analysing prices through the calendars. The calendars will be made based on calendar year but these are subject to revise.
Country's required imports and deficit of essential goods will also be mentioned on the calendars, he said, adding that required items will be imported in advance if the country has a deficit in the items.
Many players try to play foul during different festivals including Eid or Ramadan, he noted.
The move came following a sudden hike in onion and edible prices in the local market, a source said. The sudden hike in essential goods puts the government in an embarrassing situation.
Trading sources said a shortfall of onion and India's sudden ban on export in 2019 made the onion market volatile in Bangladesh, causing price rise to maximum Tk 290 a kilogram here.
If there is dearth of a particular product in a particular area, then alternative sourcing will be explored immediately to avoid price volatility. If there is shortage of a particular product in the country, the authority concerned will take steps for procuring the item from the international market.
He also said forward purchase is being encouraged to supply goods at fair prices.
It is mentioned that date will be included as an off-season item in the calendars which will be procured as per the demand for every holy month of Ramadan.
