Onion prices go up

Business Report :
Prices of onion witnessed a hike as its retail prices soared to Tk 40-55 a kilogram on Tuesday, raising the consumers’ woes further.
Seasonal onion, known as ‘haali’, has already captured the market replacing the ‘murikata’ or seed onion – one kg of such variety was found selling at Tk 40-50 a kg, marking a hike of Tk 5.0-6.0 a kg.
Imported Indian onions were retailed at Tk 45-55 a kg on the day, according to city groceries and kitchen markets.
The Trading Corporation of Bangladesh (TCB) recorded an 8.0-10 per cent hike in onion prices in a week.
Sharif Rahman, a grocer at Rayer Bazar in the city, told that the wholesale price showed a Tk 3.0-4.0 a kg hike in the last two days, resulting in the rise in prices of the item in the retail market.
He said a plunge in supply of ‘murikata’ and the entrance of ‘haali’ at a slow pace have all contributed to the price hike.
But the price of local onions is still below Tk 50 a kg in retail – the price was Tk 70 a kg in the same period a year ago, he claimed.
Jagadish Bhoumik, a Beribadh-based trader, said a sudden rain in Rajbari, Gopalganj, Faridpur and Pabna districts have also caused a surge in prices in the hubs.
“Though the price showed only Tk 1.5-2.0 a kg hike at the wholesale level, retailers are charging irrationally,” he said, adding that onion production will surpass all records this year.
Though import costs have increased, it will not impact the market of locally-produced onions, he observed.
Secretary of the Consumers Association of Bangladesh (CAB) Humayun Kabir Bhuiyan said traders in Rajbari, Faridpur, Pabna and Shyambazar in Dhaka have influence over the onion market. Poor market monitoring is the key reason behind the illogical hike in prices of most of the essential commodities, including onion. Bangladesh Bureau of Statistics recorded an all-time high of 2.6 million tonnes of onion production in 2022 against a demand for 2.8-3.0 million tonnes. The agriculture ministry is expecting 3.8 million tonnes of onion in 2023.