Prime Minister Sheikh Hasina Monday ordered authorities concerned to strictly monitor the market of essential commodities ahead of the upcoming Eid-ul-Adha.
The premier gave the directive at the cabinet meeting held at the Prime Minister’s Office, Cabinet Secretary Md Mahbub Hossain told reporters after the meeting.
“Although there is no shortage in the supply of some products, prices are increasing. Market monitoring should be tightened to stop these unreasonable price hikes,” the prime minister was quoted by the cabinet secretary.
When asked about the prime minister’s instructions, State Minister for Commerce Ahsanul Islam Titu told The Business Standard that the premier gave the instructions to prevent price hikes of commodities.
“Eid-ul-Adha is approaching. Festivals often prompt some traders to seek extra profits. The prime minister has instructed us to monitor the overall market to prevent unnecessary price increases,” he said.
Following these instructions, the Ministry of Commerce, the Directorate of Consumer Rights Protection, and other monitoring agencies will intensify market monitoring, Titu said.
Mentioning that monitoring had been beneficial during Ramadan, he said, “The prime minister believes that continued monitoring will prevent unreasonable price hikes.
“Measures will be taken to make monitoring activities visible in the market during the upcoming Eid, preventing any unwarranted price hikes.”
He added that the commerce ministry will ensure an adequate supply of goods.
According to the latest data released by the Bangladesh Bureau of Statistics (BBS), the overall inflation in April stood at 9.74% while food inflation rose to 10.22%, the highest in four months.
Meanwhile on 8 May, the Bangladesh Bank changed the Taka-Dollar exchange rate system, officially increasing the dollar rate by Tk7.
As a result, traders have raised the prices of imported food items, especially edible oil, sugar, pulses, and raw materials for poultry feed.
According to the Trading Corporation of Bangladesh (TCB), market price data of 20 commodities show that the prices of garlic, turmeric, ginger, cardamom, cinnamon, cloves, lentils, sugar, and eggs have increased in the last week.
The demand for these and other spice products typically rises ahead of Eid-ul-Adha.
Experts believe that due to weaknesses in the market system, some businessmen take advantage of the increased demand to make additional profits.