Spice prices jump up with other commodities citing higher dollar rates

The prices of all types of spices have shot up ahead of Eid-ul-Azha along with the prices of fish, meat, potato, and green chilli.

The traders have blamed the fluctuating exchange rate of US dollars for rise in the price of spices. They also said inflation and devaluation of local currency vastly impacted the soaring prices of goods produced in the country.

Currently, cumin is retailing at Tk850 to Tk1,000 per kg, up from Tk570 to Tk650 in the first week of this month, while the minimum retail price for cardamom rose to Tk3,800 from Tk 2,800. The premium quality of cardamom that was previously priced at Tk3,200 is now being sold at Tk4,200 per kg.

On Friday, garlic is selling from Tk220 to Tk270, ginger at Tk240 to Tk300, local variety of onion at Tk80 per kg, green chilli at Tk180 to Tk230, dry red chilli at Tk550 to Tk650 per kg in the capital.

Shourab Saha, spice retailer in the Karwan Bazar said on Friday that spice items are usually raised ahead of Eid festival, but this year, prices up due to the dollar price jumped at all-time higher.

He said the wholesalers are raising the prices of spice every week claiming higher import costs due to costlier the US dollar price. The US dollar is usually used in Bangladesh for international trading, so any ups and downs of this foreign exchange affected the prices of consumer items.
Additionally, the wholesale price of white pepper has risen to Tk1,300 from Tk1,000. Cashew nuts are now selling at Tk1,400, compared to Tk1,200 earlier, while chickpeas have seen an increase from Tk102 to Tk130 per kg.

Ramzan Ali of Chadpur Traders in Karwan Bazar, who used to purchase spices twice a week from the Moulvi Bazar wholesale market in Old Dhaka, expressed disappointment at the recent price surge.

"Just two weeks ago, I purchased cumin at Tk570-580 per kg, but now I have to pay Tk700, although these spices were imported well before the new dollar rate came into effect," he said. "It appears to be the work of a syndicate, "he added.

Another store staff said: "Just six months ago, cardamom was priced at Tk1,700-1800 per kg, but now it is selling for Tk3,800-4,200. Clearly, a syndicate is controlling the spice trade."

A spice wholesaler at Moulvi Bazar wholesale market said over mobile phone that importers instructed them to raise prices in line with the increased dollar rate.

Beef was selling between Tk750 to Tk780 per kg on Friday based on quality, and saw a rise of price by Tk30 per kg than other days of the week. Mutton and goat meat was selling at Tk1,000 to Tk1,180 per kg based on quality, which saw an increase of Tk50 per kg.

Ilish weighing about 450gm was selling at Tk650 per kg while Ilish weighing 1kg plus were selling at Tk1,800 to Tk2,000 per kg at Karwan Bazar fish market on Friday. Ilish weighing 700-800gm was selling at Tk900 to Tk1,000 per piece.

Rui was selling between Tk300-450 per kg based size and quality. Others fish including riverine small fish were selling at Tk400-700 per kg on Friday.

The prices of vegetables have remained stable at higher rate this time compared to the previous years. Traders blamed inflation for this higher price. Vegetables including eggplant, okra, drumsticks, string beans, and bitter gourd were stable between Tk50-60 per kg on Friday. The prices of tomatoes have increased as the season is ending. Good quality tomatoes were selling between Tk60-70 per kg.

Vegetables like brinjal and others were selling between Tk50-60 per kg, bottle gourd, ash gourd, and cauliflower at Tk50-60 per piece.

The prices of other commodities including rice, wheat, flour, milk, soybean, aromatic rice, and sugar, have remained unchanged.

Source: UNB