The news of heating up of the rice market could not come at a worse time. Food inflation last month was 12.37 per cent ---slightly less than the 12.54 per cent in August, a record rise in 12 years. Within a week, prices of rice of all varieties have gone up by Tk1.0-3.0 a kilogram. Every year around this time, about a month ahead of the Aman paddy harvest, prices of rice used to go up. But the elements that were responsible for price hike in the past are hardly present now. The severe crisis of food grains in the Bangla month of Kartik called 'monga' has long taken leave of Bangladesh as a result of changes in cropping pattern made possible with introduction of high-yielding varieties. Yet the wholesale rice market refers to supply crunch from millers for the fresh price spurt. It seems the millers have a trick up their sleeve.
However, the rice market is not the only major area of concern. Coarse flour and pluse (mosur) have also registered higher prices in the wholesale market. The consequential import is quite disturbing. If the rice millers and wholesale market moguls have their way, there is the ominous likelihood of breaking the record food inflation of 14.11 per cent of the 2010-11, ever compiled by the Bangladesh Bureau of Statistics.
Such an apprehension is not unfounded given the market trend, the businesses' unholy practices to irrationally skyrocket prices of essentials and the authorities' helplessness in the face of such artificial market engineering. In August last when inflation was 12-year high, the global food prices dropped significantly. According to the Food and Agriculture Organisation (FAO) of the United Nations food price index, international food commodity prices dropped in August last. The monthly changes in prices of the globally traded foods averaged 121.4 in August last, down 2.1 and 2.4 per cent from July and March, 2022 ---the latter being the peak.
This speaks volume for the local market mechanism in Bangladesh. Now, another example will show how the big players behind such manipulation of market defy the authorities and go about their sinister practices. The government fixed prices of egg, potato and onion when the galloping mad horse of such essentials could not be reined in by anyway. In case of egg, meticulous calculation was done to prove that there could be a reasonable profit margin for producers and retailers if eggs were sold at the government-fixed prices. The same goes for the prices of potato and onion too. In case of egg market manipulation, a comprehensive investigation came up with the business malpractices resorted to by sharks controlling the poultry industry. A hefty fine was slapped on one such biggie recently.
When egg prices again refused to come down, the authorities' reaction was quite ludicrous. Instead of taking the defying players to task, they decided to issue permit for import of egg from India. Not a single egg was imported by this time and eggs have become only dearer. Onion has registered further increase and it scored a century in its price tag. Consumers can thank their stars for onion prices not making jumps beyond the century mark. There is however no guarantee it will not do. Not before a month will the season's first yield hit the market. Potato has the same story as that of onion. It is now selling at Tk 50-60 a kilogram depending on their varieties and qualities. But this is unusual in the country. There is not the slightest indication that this most commonly used vegetable suffered any production loss or is in short supply.
Issuance of licence for import is no solution to the failure of management of market, weak monitoring and supervision. Neither of these items is imported and therefore there is no question of problem facing in opening LCs or dollar crisis. Yet dishonest and avaricious business syndicates are fleecing people who find themselves with their back to the wall. The authorities must acknowledge their accountability. They have completely failed the people in time of great hardship.
nilratanhalder2000@yahoo.com