Commodity market: Further hike in prices signals a costly Eid ahead

Many essential commodities have witnessed a fresh hike in prices, which will lead to a notable rise in food expenditure during this Eid-ul-Fitr.

Beef, a much sought-after consumable during Eid, witnessed a further hike as it sold at Tk 750-820 a kilogram at traditional outlets in Dhaka city.

The price was between Tk 780 and Tk 900 a kg in superstores depending on the category of the red meat, marking a further Tk 40-50 hike, according to traders.

On the other hand, broiler and other chicken, mutton, riverine fish, potato, sugar and vegetables also showed a further hike in the past few days.

"Although cattle price seemed static in rearing hubs, meat prices are much higher in cities amid mounting carrying costs for a hike in fuel prices," said Akbar Ali, a meat trader at Rayerbazar.

"Higher hasil or tax realised by Gabtoli and Sarulia cattle market leaseholders from non-licensees is also contributing to this rising price."

Mr Akbar said he bought an ox weighing 200 kg at Tk 145,000 on Monday, which is above 20 per cent higher than that of a week back.

"I didn't get a licence from the city corporation yet. So, I had to pay 5.0 per cent or Tk 8,000 in tax for the bull, which ultimately skyrocketed prices.

The net cost for one kilogram is Tk 730 and the trader is selling at Tk 760.

Meanwhile, Khorsheder Gosto Bitan (Khorshed's Meat Shop), one of the popular traditional meat shops in the city, set beef prices at Tk 800 a kg from Monday morning, said sources.

Beef was found selling at Tk 780-820 a kg in many parts of Dhanmondi, Mohammadpur, Banani and Azimpur. It was retailed at Tk 750-760 a kg in Mirpur on Tuesday.

Dhaka Metropolitan Meat Merchants' Association secretary general Rabiul Alam said prices of cattle is almost static in cattle hubs for one month.

But higher transport costs as well as extortion in several places in the name of transport worker associations are fuelling beef and mutton prices.

He said a syndication of big traders in Gabtoli and Sarulia, and some big cattle rearers in and around Dhaka have an influence on the market.

Consumers Association of Bangladesh secretary Humayun Kabir Bhuiyan said beef and mutton (goat meat) have already gone beyond the purchasing power of the poor.

The middle-income families have also squeezed their consumption, he added.

Commoners are thinking twice before buying even broiler chicken, he said.

There is no regulation in the cattle meat market by the city corporations for the past four years as earlier they at least fixed a maximum price of the item which had had a little bit of effect on the market, he said.

The government's regulatory machinery is almost absent from the market, according to Mr Bhuiyan.

He sought steps for stricter market monitoring ahead of Eid, set to be celebrated on April 22 or 23, to give customers some sort of relief.

An estimated 10-11 million cows are slaughtered annually across the country as 5.0 million of them are consumed alone in Eid-ul-Azha and 1.5-1.8 million in Eid-ul-Fitr, disclosed livestock services department.

Meanwhile, riverine fish prices increased significantly again just a few days ahead of Eid.

Sugar, which fell by Tk 4.0-5.0 a kg, reached its previous higher level as sold at Tk 118-130 a kg on Tuesday defying the government-set rate of Tk 104-109.

tonmoy.wardad@gmail.com