The price of garlic has increased by 310%, the highest among 34 essential items, over the last five years followed by ginger at 205% and onion at 167%, according to an analysis conducted by the Centre for Policy Dialogue (CPD).
The study also revealed over 100% price hikes for several commodities, including sugar, edible oil, dry chilies, and lentils, which have further strained the livelihoods of common people, particularly the poor.
Dr. Khondaker Golam Moazzem, research director of the CPD, presented the analysis on Sunday during a media briefing titled “State of the Bangladesh Economy in FY2023-24” held at the CPD conference room in the city.
The report highlighted that the prices of fish, specifically Rui fish, remained relatively stable over the last five years with only a 10% increase, the lowest among all other commodities.
Similarly, rice prices have remained stable, increasing by 15% to 30% depending on the variety.
During his presentation, Moazzem emphasised that many essential commodities have become luxury items due to inflation driven by inefficiencies in market management, profiteering by traders, and lack of competition.
The keynote disclosed that the price of homegrown garlic, sold at Tk205 per kg in May 2024, had increased from Tk50 in January 2019, marking a rise of Tk155 or 310%. Imported garlic prices also surged by 211%, from Tk70 in 2019 to Tk225 in 2024.
The report further noted that the price of ginger rose to Tk335 per kg in May from Tk110 in 2019, a 205% increase.
Imported onion prices increased to Tk80 from Tk30, while domestic onion prices reached Tk72.5 from Tk27.5 per kg, representing a 164% to 167% rise depending on the variety.
Sugar prices also saw a significant hike, reaching Tk130 per kg, a 152% increase from Tk52 per kg in 2019. In comparison, the price of sugar in the European market is only Tk39 per kg.
The report underscored that the price of sugar in Bangladesh is significantly higher compared to the world market (Tk50) and the US market (Tk90).
The prices of loose palm oil and loose super palm oil mounted by 106%, with the current cost per liter of palm oil at Tk130, up from Tk63 in 2019. Loose super palm oil prices also went up to Tk140 from Tk68 during the same period.
Additionally, the price of dry chilies more than doubled, reaching Tk410 per kg from Tk200 in 2019.
