Essentials already dearer even before the holy month begins

Commerce Minister Tipu Munshi on Sunday issued a stern warning against any artificial increase in prices of essential commodities during the holy month of Ramadan.
Despite the minister's warning, insiders predict that consumers will have to face brutal price shocks during the holy month for Muslims as essential commodities have already seen a record hike in prices.
Market observers have attributed this seismic surge in prices to loose monitoring and the lack of exemplary punishments for wrongdoers.
Last week, sugar prices soared to a staggering Tk 120-130 per kilogram, surpassing the government-fixed rate of Tk 108-112 per kilogram. After visiting the market in the past three days, the correspondents found that groceries in Dhaka are not getting any supply of packet sugar from the brands.
Meanwhile, broiler chicken prices have reached an all-time high of Tk 270 per kilogram, with an increase of Tk 10 per kilogram over the past week and Tk 80-100 per kilogram over the last month.
According to the Trading Corporation of Bangladesh, current broiler prices are a whopping 52% higher than last year.
Non-brand palm oil and loose soybean prices have also risen substantially, with retailers selling them at Tk 160-165 per litre and Tk 176-182 per litre, respectively, which are between Tk 10-12 higher than the government-fixed rates.
Market data indicates that the prices of beef, mutton, fish, eggs, gram, pulses, aromatic rice, dates, vegetables, spices, and fruits have also seen significant hikes in the past five weeks leading up to Ramadan.
According to Dhanmondi-based grocer, Belal Hossain, traders have hiked prices ahead of Ramadan to prevent criticism and to avoid being targeted by mobile courts during the month of fasting.
He also revealed that no distributors are supplying packet sugar, with everyone delivering loose sugar at Tk 110-112 per kilogram, which is being sold for Tk 120-130 per kilogram.
Dhaka's Moulovibazar-based trader Monowar Hosain noted that companies are not interested in supplying packet sugar as its wholesale rate is Tk 107 per kilogram, while they are providing loose sugar at Tk 108-110 per kilogram.
He added that companies have complete confidence that they won't be held accountable for their actions.
The Consumers Associa-tion of Bangladesh (CAB) has expressed concern over the lack of market check and balance amid loose monitoring, as palm oil, loose soybean and sugar continue to be sold at significantly higher rates than government-fixed prices.
CAB Vice President S M Nazer Hossain notes that the government has failed to take logical initiatives to address the issue, even after broiler chicken prices increased by Tk 100-120 per kg in the last one and a half months.
He also observes that traders are using new tactics to raise prices well before Ramadan to avoid scrutiny during the fasting month.
Commerce Minister Tipu Munshi, speaking at a task force meeting on essential items on Sunday, urged consumers not to engage in panic buying, noting that the country has sufficient stocks of soybean, onion and sugar to meet demand in the coming days.
He also expressed hope that essential item prices would remain stable, as the government has already taken necessary measures to prevent price hikes.
The minister also warned against extortion from food and essential-laden vehicles on highways, promising strong monitoring to prevent such activities.
Tipu Munshi reassured the public that the authorities concerned, including the Directorate of National Consumers Right Protection and the police, have given necessary instructions to prevent any unusual practices.
The Trading Corporation of Bangladesh (TCB) is currently selling some essential items at subsidised rates for 10 million people, with around 30-32% of the country's population benefiting from the program.
However, the government requires around Tk 98 billion annually as a subsidy for the state-run TCB. The commerce minister also revealed that the ministry is keeping a close eye on importers, wholesalers and retail traders to prevent the spread of misinformation that could lead to price hikes.
Senior officials from different ministries, as well as representatives from trade bodies, law enforcement agencies, Bangladesh Bank and business groups, attended the meeting.

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