The prices of daily commodities in Bangladesh continue to rise despite global reductions. From July to October in the fiscal year 2023-24, imports of essential items like pulses, sugar, soybeans, and palm oil have dropped by an average of 30%, according to the National Board of Revenue (NBR) data.
The reduction in imports is attributed to credit issues. Despite lower imports, there is no exacerbation of supply crises in the market, indicating reduced sales. Businessmen and economists suggest that product demand may rise during festive seasons, despite a current average decrease of 15-20% in demand. Lentil imports have seen a significant 44% decrease, with soybean seed imports dropping by 49%. Sugar imports reduced by 20%, while wheat imports increased by 60%. The high food inflation rate of 12.56% in October reflects increased spending on food items.
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