Consumer spending is set to go up sharply during this Ramadan compared to that of last year as the prices of key essentials have aleady shot up significantly.
Prices of rice, flour, pulses, edible oil, sugar, milk, onion, ginger, beef and others have increased by 5.0-150 per cent comparing to that of a year ago, according to the state-run Trading Corporation of Bangladesh (TCB).
The holy month of Ramadan will start either from April 24 or April 25, depending on moon sighting.
Prices of most of essentials have been rising gradually for last five weeks. Traders, however, attributed the hike in prices of essentials to the ongoing lockdown enforced by the government since March 26 to stem the spread of coronavirus.
Rice prices are 6.0-11 per cent higher now than a year ago, the TCB data showed.
Rice prices witnessed a significant hike in last five weeks. Coarse rice price went up by 26 per cent during the period and it is now selling at Tk 48-50 a kg which was Tk 38-Tk 40 a kg five weeks back.
Finer varieties were trading at Tk 62-Tk 68 a kg and medium quality at Tk 52-Tk 58 a kg, according to kitchen market sources.
Prices of pulses, especially lentil shot up by 14-36 per cent in last one month. The current prices are 44-65 per cent higher than a year ago, said TCB.
Coarse lentil was selling at Tk 90, medium quality at Tk 110 and finer at Tk 140-Tk 145 a kg now. Moog pulses prices are also 29 per cent higher now than that of last year.
However, prices of chickpea, widely consumed pulses in Ramadan, showed a fresh hike by Tk 5.0-Tk 10 a kg on Wednesday as sold at Tk 80-Tk 95 a kg, depending on the quality.
But considering its prices during last Ramadan, chickpea price remains almost the same.
However, flour is now 5.1-11 per cent, edible oil 7.0-24 per cent, potato 34 per cent, some key spices 32-150 per cent, sugar 31 per cent, milk 9.0-24 per cent, beef 6.5 per cent and mutton 13.33 per cent pricier than that of a year ago, according to TCB.
Among spices, ginger price increased by 150 per cent while onion by 100-110 per cent this year comparing to that of the previous year.
However, few items including broiler chicken, farm egg and vegetables are now cheaper than that of last year.
Haji Iqram Uddin, a Moulvibazar-based trader in the city, told the FE that panic buying, which started in mid-March, has pushed up prices of many essential items including rice, pulses, loose soybean oil, spices etc.
Both importers and wholesalers have raised the prices following such high demand, he said, adding that loading and unloading of some essential items have almost stopped in Chattogram port that caused a surge in prices of essentials including garlic, ginger, pulses etc.
Adviser to Conscious Consumers Society, Barrister Shihab Uddin Khan said spiraling prices during this lockdown have severely been hurting daily earners.
Lack of necessary market monitoring is responsible for such situation, he said, adding that hundreds of people are now starving due to lack of money during this shutdown.
There is no alternative but to provide commoners with necessary food items through government's safety net, he said suggesting stepping up of market vigilance to help bring down the prices of essentials.
