Sugar, onion prices soar

Economic Reporter :
The prices of sugar, onion and chicken have increased in the city’s markets augmenting the woes of consumers, although rice price became stable.
Prices of sugar witnessed a gradual hike for the last two weeks, reaching Tk 80-84 a kg on Friday. Loose sugar was selling at Tk 80-82 and packet sugar at Tk 82-84 per kg on the day.
Sugar prices witnessed a 6.0 per cent hike in a week and 13 per cent in the last two weeks, according to the Trading Corporation of Bangladesh (TCB). The current price of sugar is 26 per cent higher, compared to last year.
Traders attributed the hike to the global price surge for the last four months and the existing higher import duties.
Biswajit Saha, Director of City Group, a leading refining company, said sugar prices had gradually been increasing for the last four months on the global market amid a low production in some leading exporting countries.
The price has hit $540 a tonne this month, he said.
Refiners claimed the government’s duty on sugar is above Tk 28 a kg now despite the fact that prices of the import-dependent item have been rising gradually in the global market.
The country’s demand for sugar is 1.6-1.8 million tonnes, of which it produces only 0.08 million tonnes while the rest of the requirements are met through import by refiners.
Meanwhile, prices of onion witnessed a Tk5.0 a kg hike in a week, as the local variety was selling at Tk 50-55 a kg while imported ones at Tk 42-45 a kg.
The prices of the key spice witnessed a hike long after one month, according to traders.
Md Imran Hossain, a Shyambazar-based spice trader said prices of onion showed a Tk 1.0-1.5 a hike in the wholesale levels in the last one week following a normal trend.
He said the import cost of the item had also increased to some extent in the last few days which might have some effects. But the supply of the item is still very good amid a handsome supply of both local and imported ones, he said.
Broiler, Pakistani, and Sonali chicken prices witnessed Tk 10-20 a kg hike in the last seven days in the city.
Broiler chicken was sold at Tk 140-150 a kg and other two varieties at Tk 240-260 a kg in the market on the day. Broiler chicken was sold at Tk 140-150 a kg and other two varieties at Tk 240-260 a kg in the market on the day.