Despite bountiful harvest, it fails to curtail the surge in potato prices

In a remarkable agricultural feat, this year witnessed farmers yielding an unprecedented 1.04 crore tonnes of potatoes.

However, this bountiful harvest has failed to curtail the surge in potato prices, inflicting a blow to the purchasing power of consumers, particularly those belonging to fixed and low-income brackets.

This phenomenon is compounded by the relentless onslaught of elevated inflation, further exacerbating the financial strain on these segments of society.

Within the span of a mere week, the cost of potatoes has witnessed a sharp ascent, escalating by Tk 5 per kilogramme and culminating at a peak of Tk 45 in Dhaka’s bustling markets.

The Trading Corporation of Bangladesh attributes this price upheaval to a palpable shortfall in supply compared to the prevailing demand.

The current price point registers a staggering 57 per cent escalation in contrast to its value from a year ago.

This price volatility is underpinned by a confluence of factors.

Traders and large-scale farmers, who strategically store potatoes in cold storage facilities for future sale during periods of scarcity, have exhibited a cautious approach in releasing their stocks.

The life cycle of the potato crop plays a pivotal role: the planting process commences in September, and it takes approximately 90 days for the tubers to mature.

Harvests conducted in January to secure the potato supply for the subsequent months.

However, as June approaches, the stockpiles within cold storage units must be gradually unleashed, a practice sustained until the advent of the next harvest.

Interestingly, the Bangladesh Cold Storage Association (BCSA) holds a divergent perspective vis-à-vis the government’s production estimate.

Notably, around 20 per cent of the BCSA’s cold storage capacity remains unutilised.

This discrepancy aside, the price surge has echoed across northern regions of the country, a locale that contributes substantially to potato production.

Just prior to Eid-ul-Azha, a kilogramme of potatoes could be procured at an approximate range of Tk 22 to Tk 25 in district towns.

However, in the aftermath of this festivity, the price trajectory escalated precipitously, reaching Tk 35.

People of the country are in dire situation to meet mere daily food intake, without considering nutrition values of food diversity.

The development surprise of the regime built many infrastructures, desirable or undesirable, however, people left in starvation.