In the past three months, spice prices have soared due to supply shortages caused by disruptions in imports stemming from dollar crises and regulatory duties, according to market insiders. In addition, an unscrupulous syndicate of traders seeking excessive profits ahead of Eid-ul-Azha has further destabilized the spice market. While the prices of several spices have dropped in the international market, the prices have surged locally.
Cumin, a staple spice for middle-class consumers, has nearly doubled in price, with retailers and wholesalers now selling it at Tk770-Tk850 per kg at the wholesale level. Other spices, such as cardamom, cloves, nutmeg, fennel seed, black pepper, and jayotree (mace), have also experienced significant price increases. Ginger and garlic prices imported from China have also become volatile due to supply shortages. The import crisis and the imposition of regulatory duties have contributed to the rise in prices. Importers and traders emphasize that resolving the import crisis is crucial for restoring stability in the spice market.
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