The price of eggs has reached a ten-month high of Tk 160-165 a dozen, hitting low-income groups who rely heavily on them as an affordable source of protein.
Insiders say a supply crunch, rising input costs and alleged market manipulation at Dhaka's Tejgaon egg market are to blame.
Brown egg prices have jumped Tk 10-15 per dozen in a day and Tk 30-35 per dozen in a week. In August 2022 and 2023, egg prices also peaked at Tk 155-Tk 165 a dozen.
In August last year, the government responded to the previous price surge by permitting egg imports for the first time. However, insiders say high import duties and a subsequent decline in domestic prices discouraged imports.
Juel Rana, a grocer in Dhaka's West Dhanmondi area, said the wholesale price of brown eggs is Tk 11.90-Tk 12.40 per piece, depending on the supplier.
According to him, wholesale prices have increased by 20-25 per cent and retail prices by 35-40 per cent in a week.
For the sudden price hike, Bangladesh Poultry Association (BPA) President Sumon Hawlader blamed price manipulation by egg traders in Dhaka's Tejgaon area.
According to the poultry farmers' association leader, the traders began raising prices gradually from May 2.
Sumon Hawlader claimed the price of brown eggs at Tejgaon rose from Tk 8.8 per piece on May 1 to Tk 8.9 on May 2, Tk 9.2 on May 3, Tk 9.7 on May 4, Tk 10.20 on May 5, Tk 10.7 on May 10 and Tk 11.10 on May 11.
He said some traders may be stockpiling eggs in cold storage to profit from the price increase. Mr Hawlader also cited reduced egg production by small farmers due to the extended heatwave in April and rising costs of day-old chicks and feed.
He said the price of layer variety day-old chicks has reached Tk 115, while broiler chicks cost Tk 70-90 each.
In the past week, the Directorate of National Consumers Right Protection seized 4.8 million eggs from two cold storages in Kishoreganj and Narsingdi.
Director General of the consumers right directorate AHM Shafiquzzaman told the FE that the eggs were likely being stockpiled for profiteering.
Mr Shafiquzzaman urged the Department of Livestock Services and the Department of Agricultural Marketing for improved market management.
In August last year, the livestock services department set a maximum retail price of Tk 12 per egg during egg market volatility. The Department of Agricultural Marketing followed suit on March 15, 2024, setting a new maximum retail price of Tk 10.50 per egg.
Despite repeated phone calls, the FE was unable to reach the departments for comment.
Not just eggs, consumers face rising prices across essential goods. Fish, meat, vegetables and spices continue to become more expensive.
Beef prices ranged from Tk 800 to Tk 860 per kilogram on Saturday, while Sonali chicken cost Tk 390-420 per kg. Cultured pangas fish was at Tk 240-300 per kg, and cultured ruhi was at Tk 380-550 per kg.
Vegetable prices also climbed.
Brinjal retailed at Tk 100-130 per kg, green chilies at Tk 160-180, onions at Tk 75-85 and garlic and ginger at Tk 240-280 per kg.
Insiders say the recent record depreciation of local Taka against the US dollar by Tk 7.0 is likely to push up prices of flour, sugar, edible oil, pulses, baby food, powdered milk and other imported goods in the coming week.
tonmoy.wardad@gmail
© 2024 - All Rights with The Financial Express
