The impact of the increased exchange rate of the taka against the dollar is beginning to be felt in the market. In the wholesale sector, the prices of essential items such as edible oil, spices, lentils, raw food materials, and dry fruits have increased by 5 to 10 taka per kg within a week. Traders state that the sudden 7-taka hike in the dollar rate has escalated import costs and transportation expenses, forcing them to raise prices.
On the other hand, there is concern that if the rise in the dollar value leads to higher fuel and electricity prices, the impact on costs could become even more widespread.
Chawk Bazaar and Begum Bazaar are the largest markets for imported goods in the capital. Following the announcement of the dollar price hike by Bangladesh Bank, traders in these markets halted their transactions. Some traders were selling goods at higher prices, while many withheld products hoping for extra profits. However, they have now resumed sales, with a price increase of 5 to 10 taka per item.
Spices have seen the highest price increase. With the demand peaking ahead of Eid-ul-Adha, prices of various spices have surged by up to 200 taka per kg.
Haji Iqbal, proprietor of Haji Traders in Begum Bazaar, told Channel i Online that the prices of all imported goods have increased compared to before. Spices and lentils, in particular, have seen significant price hikes. Due to the dollar crisis and the hassle of opening LCs, the market was already out of control. Many traders are withholding goods in hopes of higher profits. The market is currently inflated, and prices may increase further in the future.
Despite adequate stock, traders are selling goods at higher prices, leading to market instability in essential goods after Ramadan Eid. To control the market ahead of Eid, traders have demanded duty exemptions.
Additionally, the price hike has affected vegetables, fish, and meat markets. No type of fish is available below 70 taka. Broiler chicken is being sold at 220 to 230 taka, while Sonali chicken, which was sold at 430 to 450 taka per kg a week ago, is now selling at 370 to 400 taka. The price of local chicken is 600 taka per kg. Beef is selling at 750 to 780 taka, and mutton is priced between 1100 to 1200 taka per kg.
