Prices rise by 45pc in 2007
Tuesday, 1 January 2008
Naim-Ul-Karim
Prices of essentials including rice, flour, edible oil, onion and milk in 2007 increased by about 45 per cent on an average over that of 2006.
According to statistics of the Price Monitoring and Market Study Cell of the state agency Trading Corporation of Bangladesh (TCB) prices of various quality of rice went up by about 59.94 per cent in 2007 compared to 2006.
During the same period, prices of flour and coarse flour went up by 48 per cent, edible oil including soybean and palm by 52 per cent, onion by 41 per cent and powder milk of different brands by 46 per cent.
Asked about the sharp increase in the prices of essentials, Feroz Ahmed, secretary of the Ministry of Commerce (MoC), told the FE that the MoC has started studying the supply and demand situation in 2007.
He said the government will take its next course of action to keep the prices of essentials at a tolerable level in 2008 based on the study of supply and demand situation in 2007.
The TCB statistics shows that among essential commodities only the prices of garlic, red chili, turmeric, sugar and salt went down by 47 per cent, 10.34 per cent, 10.34 per cent, 19.18 per cent and 3.70 per cent respectively compared to their prices in 2006.
However, the study of the Consumers' Association of Bangladesh (CAB) reveals that prices of commodities and life expenses in 2007 increased by 16.78 per cent and 18.92 per cent respectively over that in 2006.
It said in 2006, prices of commodities and life expenses increased by 15.22 per cent and 13.52 per cent respectively over that of 2005.
"Our efforts to keep prices of commodities especially essentials at tolerable level will continue," commerce secretary said.
Regarding soaring prices of rice in the market recently, he said price hike in the international market and low yield of paddy due to hurricane SIDR that hit the country on November 15 made the market unstable.
Prices of essentials including rice, flour, edible oil, onion and milk in 2007 increased by about 45 per cent on an average over that of 2006.
According to statistics of the Price Monitoring and Market Study Cell of the state agency Trading Corporation of Bangladesh (TCB) prices of various quality of rice went up by about 59.94 per cent in 2007 compared to 2006.
During the same period, prices of flour and coarse flour went up by 48 per cent, edible oil including soybean and palm by 52 per cent, onion by 41 per cent and powder milk of different brands by 46 per cent.
Asked about the sharp increase in the prices of essentials, Feroz Ahmed, secretary of the Ministry of Commerce (MoC), told the FE that the MoC has started studying the supply and demand situation in 2007.
He said the government will take its next course of action to keep the prices of essentials at a tolerable level in 2008 based on the study of supply and demand situation in 2007.
The TCB statistics shows that among essential commodities only the prices of garlic, red chili, turmeric, sugar and salt went down by 47 per cent, 10.34 per cent, 10.34 per cent, 19.18 per cent and 3.70 per cent respectively compared to their prices in 2006.
However, the study of the Consumers' Association of Bangladesh (CAB) reveals that prices of commodities and life expenses in 2007 increased by 16.78 per cent and 18.92 per cent respectively over that in 2006.
It said in 2006, prices of commodities and life expenses increased by 15.22 per cent and 13.52 per cent respectively over that of 2005.
"Our efforts to keep prices of commodities especially essentials at tolerable level will continue," commerce secretary said.
Regarding soaring prices of rice in the market recently, he said price hike in the international market and low yield of paddy due to hurricane SIDR that hit the country on November 15 made the market unstable.