Heavy rain and end of summer crops have caused a sharp rise in vegetable prices in the capital over the past week.
In addition to these natural factors, many city wholesalers are manipulating the market due to a lack of proper monitoring, according to market observers.
Brinjal is retailing at Tk 120-180 a kg, long-yard bean at Tk 140-150, and pointed gourd, colocasia stem, snake gourd, sponge gourd, and ridge gourd are selling at Tk 90-120 a kg - marking a Tk 20-30 increase a kg within a week.
Tomatoes, now fully import dependent, are retailing at Tk 280-300 a kg. Papaya, the cheapest vegetable, is being retailed at below Tk 50 a kg.
The soaring vegetable prices, combined with the already high costs of rice, eggs and fish, have put people with limited incomes in a difficult situation.
Mohsin Ali, a vegetable vendor at Mohammadpur in the capital, says vegetable prices have increased by Tk 30-40 per cent in the wholesale markets in the last week.
He also said supply also declined due to a limited number of wholesalers bringing in vegetables following the end of stock of summer crops.
The vendor said early winter varieties of vegetables have also been severely affected by the rain which has caused a supply shortage.
The early harvested country bean is being sold at Tk 240-260 a kg in the wholesale markets which are being retailed at Tk 280-320 a kg.
Meanwhile, the Department of Agricultural Extension (DAE) said early winter and summer vegetables on nearly 40,000 hectares of land were damaged by floodwater in the eastern region in August.
The recent floods in Mymensingh and Rangpur regions have also damaged vegetables on nearly 10,000 hectares of land, the DAE mentioned.
TM Rashed Khan, assistant director at the Department of Agricultural Marketing (DAM), told the FE that there is currently a 100 to 250 per cent price gap between the village level and city retail markets, which is the key driver behind the soaring prices.
He said that while vegetable prices have also risen in villages to some extent, the current disparity with city retail prices is significantly widening.
Farm economist and agribusiness expert Prof Golam Hafiz Kennedy, said city wholesale outlets have a number of traders who are distorting the market.
He also says most of them have a link to the previous government and are creating an artificial crisis, he said.
He stated that the commerce ministry should have a list of all vegetable wholesalers in the city and they should be brought under regular monitoring which only could cool down the market.
Asked on egg prices, he said the Competition Commission as well as the Directorate of National Consumers Right Protection (DNCRP) in 2022 and 2023 had proved that big poultry companies were behind the all-time high price of eggs in August 2022.
He said farm egg prices shot up to Tk 180-200 a dozen in August 2022 for the market manipulation by few big companies while the then government took hardly any actions.
Mr Kennedy said all the biggies who are found guilty should be brought to book and it is the way you could bring a check and balance in the market.
However, egg prices remained static for last few days in the city at its previous high of Tk 170-180 a dozen.
© 2024 - All Rights with The Financial Express
