Price of rice and cooking oil dropped in the global market

Tipu Munshi, the minister of commerce, urged people to buy their Ramadan essentials in smaller quantities and in accordance with their daily needs rather than in big quantities all at once. Bulk buying will lead to a market catastrophe and a shortage of everyday necessities. In light of the market’s current plenty of the commodities, there is no need for concern, he said.

According to the minister, global commodity prices are high now because of the aftereffects of the Russia-Ukraine war and the appreciation of the US dollar against the Bangladeshi taka. Strict legal action will be taken against the businessmen, who will stockpile the goods illegally to create an artificial shortage and increase their prices, he said.

Source for more insights:

The Daily Star

According to a top official of the poultry sector, operators and farmers in Bangladesh’s poultry industry utilize prebiotics, probiotics, and essential oils instead of antibiotics to help produce high-quality meat and eggs.

The poultry sector is no longer just a source of animal protein because farms now generate significant amounts of biogas, organic fertilizer, and even energy. Consumers firmly believe that farms and the chicken industry use antibiotics, while in fact, they employ prebiotics, probiotics, and essential oils instead. Consumers can now purchase eggs and chicken meat from the market with a guarantee if they want, claimed Moshiur Rahman, president of the Bangladesh section of the World’s Poultry Science Association (WPSA). He also said that the past three decades, Bangladesh’s poultry business has experienced considerable success.

According to him, the ongoing  Russia-Ukraine war has caused an abnormal spike in the price of raw materials for poultry feed, which has increased up the price of producing chicken meat and eggs in Bangladesh.

Source for more insights:

The Daily Star

Despite a record reduction in import taxes to keep the market steady before Ramadan, sugar prices in Bangladesh have continued to rise at both the wholesale and retail sectors.

The National Board of Revenue (NBR) removed the specific import duties of Tk 3,000 for raw sugar and Tk 6,000 for refined sugar on February 26 with immediate effect. It also cut the regulatory duty on the import of sugar to 25 per cent from 30 per cent. After the reduction, the overall import cost of raw and refined sugar is expected to decline by Tk 6,500 and Tk 9,000 per tonne at the import stage, respectively. Still, the price of sugar shows no sign of cooling down. Rather, it increased by Tk 130, or 3 per cent, per maund in the wholesale market

The price increase came amid continued supply shortage and a spike in demand for the kitchen item on the occasion of the fasting month when sugar is used in verities of items.

Source for more insights:

The Daily Star

According to reports, the Prime Minister’s Office (PMO) will meet today (Sunday, 12th March, 2023) to discuss ways for regulating the market for necessities during the forthcoming Ramadan. The meeting, which will be presided over by the Principal Secretary to the Prime Minister, Mohammad Tofazzel Hossain Miah, is anticipated to assess the costs, supplies, and stock levels of the essential commodities.

Also, it would take the required actions to guarantee the homebound individuals’ safety and hassle-free travel prior to Eid ul-Fitr. The meeting is expected to be attended by representatives from various ministries, divisions, and state agencies, according to a source in the commerce ministry. Since a while ago, consumers have suffered greatly as a result of extraordinary price increases on important necessities, including edible oil, sugar, eggs, etc.

The government has begun the first stage of a month-long campaign to provide necessities at reduced prices to 10 million low-income cardholder households as part of its efforts to stabilize the market. Next month, the program’s second phase will be implemented (April).

Source for more insights:

The Financial Express

According to Chittagong traders, there won’t be a lack of necessities before Ramadan. According to traders based in Chattogram’s Khatunganj, the nation’s largest wholesale market, essential items have begun to arrive in the market against recently opened letters of credit (LCs). As a result, they claimed, the import has assisted wholesalers in accumulating a huge stock of necessary goods.

Sources said five ships carrying a combined 241,000 tonnes of sugar arrived at the Chittagong seaport last month. Also, importers opened Letters of Credit (LC) for 565,000 tonnes of sugar that are anticipated to arrive at the Chittagong port soon. Importers opened Letters of Credit in January to bring in 29,000 tonnes of dates during Ramadan. Several of these shipments have already arrived at the port in the interim.

Mohammed Mohiuddin, general secretary of the Chaktai-Khatunganj Wholesale General Merchants Welfare Association stated that the import and supply of necessities are both good and there is no lack of basics in the market currently. Such a chance is not present during Ramadan.

Source for more insights:

The Financial Express

With the expectation of Ramadan, the prices for broiler chicken, beef, mutton, and eggs have risen in the capital city of Dhaka. Retail traders attributed the recent increase in the price of eggs and broiler chicken on producers and suppliers. Yet, small-scale producers held large corporations accountable for the excessive price increases for eggs and broiler meat on the local market.

The cost of broiler chicken jumped by Tk 20 per kilogram during the course of the week at the city markets, where it was offered on Friday for Tk 250–260 per kilogram. On Friday, the Sonalika kind of chicken was offered for Tk 350–370 per kilogram, while the local variety was priced at Tk 600–700 per kilogram. The price of beef jumped by Tk 30 to 50 per kilogram on the capital’s marketplaces, selling for Tk 750 to Tk 780 per kilogram whereas Mutton’s price climbed by Tk 100 per kilogram, and on Friday, it was offered for Tk 1,000–1,100 per kilogram.

Source for more insights:

New Age