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It starts with a random food essential picking up prices, prompting the authorities to respond with price caps and finally come up with import permission.
This has happened for onions and eggs, but the market-control mechanism has turned out to be futile so far. Now potato seems to follow the same track as the authorities on Monday approved bringing in potatoes from foreign sources.
In other bad news for the kitchen market, onion prices surged further on Monday following neighbouring India having imposed export restrictions on the bulb on Sunday. With a Tk 30-Tk 50 rise per kg in just two days, the cooking essential reached Tk 140 in the local market on Monday.
Potatoes were at Tk 60-65 per kg in retail, as the commerce ministry in a statement on Monday revealed about allowing potato imports to curb abnormal price hikes despite sufficient stock and supply.
On September 14 this year, Commerce Minister Tipu Munshi fixed the prices of potatoes after discussions with stakeholders in the agriculture ministry.
He urged traders to sell potatoes at Tk 26-27 and Tk 35-36 per kg wholesale and retail level, respectively. But the key essential is now being sold much higher than that -- Tk 60-65 per kg in retail.
The statement on Monday said the move was meant to spur potato supply in the local market and thus keep prices stable.
On Monday, onion prices continued to soar in the city, with the maximum retail price reaching Tk 140 per kg in many places. Traders have been raising prices at will, citing the Indian export restrictions imposed on Sunday as an excuse, despite market regulations in place.
The price of the cooking ingredient on Monday shot up by Tk 10-15 per kg from the previous day and Tk 30-50 per kg since Saturday evening, according to grocers.
Local onions were sold at Tk 130-140 per kg and Indian onions at Tk 110-130 per kg.
Trading Corporation of Bangladesh (TCB) data showed that the price of onions has increased by 40 per cent - 60 per cent in the past three days and is now 120 per cent - 123 per cent higher than a year ago.
SM Nazer Hossain, vice president of the Consumers Association of Bangladesh (CAB), said: "Every market and Aarats (wholesales) have a plenty of onions of both local and imported varieties, purchased much long ago."
"India announced a minimum export price (MEP) per tonne on Saturday, and it would take at least seven to ten days to bring the high-priced onion from the country," he said. "But traders raised prices of the earlier purchased products overnight by Tk 20-30 per kg, knowing that nothing would happen to them."
Hossain also said that the government fixed the maximum price of onions at Tk 65 per kg last month but failed fully to implement this. The government was also unable to implement the fixed price chart for eggs and potatoes.
"Instead of only financial fines, jail term should be ensured for the traders who would be proved guilty by the court to bring stability in the market," he said.
Prof Dr Rashidul Hasan, a farm economist, said that apart from the lack of market regulation, confusing production data is also responsible for market volatility.
The maximum demand for potatoes in the country is more than 8.5 million tonnes, including 0.8 million tonnes for seeds. Current year production increased by 0.3 million tonnes to 10.4 million tonnes, according to the Bangladesh Bureau of Statistics (BBS).
"The price of potato is less in the global market. The agriculture ministry has given consent after the commerce ministry's decision to import potatoes. The department under the ministry will issue import permits (IPs) from today [Monday]," Agriculture Minister Dr Abdur Razzak told reporters at his secretariat office on Monday.