Now at Tk 200-220 per kg
Onion price hits record high
Staff Reporter :
Onion prices have crossed over Tk 200 per kilogram (kg) in the city's kitchen market despite government promises and measures to keep this item's prices down.
The current price of onion is the highest ever in the country, as the previous record was Tk 140 a kg in November 2012, according to the Department of Agricultural Marketing (DAM).
Prices of this kitchen ingredient (local variety) shot up to an all time high at Tk 200 to Tk 220 per kg in different retail markets across the capital on Thursday, while onions of imported varieties at Tk 170-190 per kg, according to traders and consumers.
In September, India announced a ban on export of onions with immediate effect, after extended Monsoon downpours delayed harvests and supplies shriveled.
The ban heated up the onion market in Bangladesh as the country meets a portion of its annual demand through imports because of inadequate domestic production.
The surging prices raised concerns among consumers. Later, state-run Trading Corporation of Bangladesh began selling the commodity at Tk 45 per kg through trucks in Dhaka city.
The scale of the operation, however, was too small to make an impact in the market, said a trader in the city.
The government took several steps, including imposing fines through mobile courts, for selling onions at high prices. In face of the measures, the prices went down a little, but started increasing again recently.
Experts are of the view that the sharp swings in its prices would continue for another month until the new crop reaches the wholesale markets.