Prices of different varieties of spices have suddenly shot up abnormally in the last month. For instance, price of cardamom per kilo has increased by Tk 800 to Tk 1,300 in a month depending on quality. Apart from cardamom, prices of cashew nut, almond and black cumin have also increased. Moreover, compared to last year, prices of coriander, bay leaves and cinnamon are also higher now.
However, a number of traders reportedly said that cardamom is not produced in the country. It is mainly imported from Guatemala and India. This year, cardamom production in both countries has reduced, as a result its price is high in the world market.President of the Bangladesh Wholesale Spice Traders Association have added by saying following the amount of cardamom stocks and until opening of new letters of credit, cardamom will remain costlier until Ramadan.
Once Ramadan sets in, it is least likely that spice' prices would drop. Previous Ramadan realities only buttresses this fact. This sudden price hike in essential products has long been blamed on syndicates of unscrupulous traders and wholesalers, who have and continues to hoard kitchen market commodities, so to create an artificial crisis in retail markets. It is fairly a common phenomenon in our country that these dishonest traders and businessmen operate in the shape of an unholy nexus to fleece consumers.
What is, however, unfortunate is that global commodity prices according to numerous media reports are projected to decrease in 2025, but Bangladesh is likely tofail reaping the benefits if high inflation and depreciation of our currency continues.Our country is highly dependent on imports of essential food items such as edible oils, lentils, onions, sugar and spices, recently these daily essentials have recorded a 5 percent year-on-year price increase since last December.
We are somewhat compelled to ask and seek a solution to-why and for how long our consumers will continue to spend more on food compared to those in comparable countries. In at least 16 countries where GDP per capita is higher than that of Bangladesh, consumers are spending less on food.
Prices of kitchen essentials at our local kitchen markets have surged to such an abnormal extent that for many some have seemingly become luxury items. And we cannot agree more.
To finish with, Bangladesh has been affected by a number of domestic and global events during the past 6 months that led to depreciation of Taka and abnormal price hike of almost all essential commodities. While the world has been recovering, our country continues to struggle. This is evident by the fact that, despite declining prices of food including spices, local price of most food items continues to jump up every now and then. All of this is the result of marked policy failure and zero-enforcement of laws.
We are worried.
