Agri Commodities

Trading Corporation of Bangladesh Hikes Prices Of Sugar, Pulses; Adds Pressure On The Weaker Section

Trading Corporation of Bangladesh Hikes Prices Of Sugar, Pulses; Adds Pressure On The Weaker Section

After covid-19 disrupted normal lives for good couple of years, people had high hopes from the year 2022. With the rollout of vaccines and wide scale immunization, people expected the year to slowly and gradually aid global recovery. However, the series of events in 2022 dismissed the pre-set notions that people already had in their minds.

With the start of the year, started the Russian invasion of Ukraine and the war between the two biggest grain producers and exporters of the world resulted in disruptions in the supply chain and eventually raised issues of food security for nations around the world, with poor and developing nations facing the most heat.

While the Russia-Ukraine war already made procurements of food and agro-commodities difficult and led to global grain shortage, adverse weather conditions in different parts of the world amplified the food crisis and added to the sufferings of the people. Although people all around the globe faced issues in some form or the other, people belonging to poor nations felt the pinch somewhat to a greater extent than others.

This has been the case with residents of Bangladesh this year. Located in Asia, Bangladesh is caught in a vicious cycle since the start of the year. Its sufferings started with the start of Russia’s war with Ukraine and it got intense when heavy flooding damaged the domestic crops raising issues of food security.

Owing to this, Bangladesh have been sourcing essentials from the international market and is supplying to the deprived and poor at a subsidized rate. However, constant issues in grain procurement is leading to rise in subsidized rates, thereby making things difficult for the people of Bangladesh already struggling to make ends meet.

Prices Of Daily Essentials Sold At Subsidized Rates On A Rise 

The Trading Corporation of Bangladesh (TCB) provides grains to around 1 crore beneficiary card holders of the country to keep prices within reach of the lower-income group and owing to rise of essential commodities in the global markets, the TCB has recently hiked prices of essential commodities, which has made lives difficult specifically for the people with low income.

After latest increase, the price of sugar has soared up to Tk 60 per Kg while that of pulses have gone up to Tk 70 per Kg.  However, the prices of edible oil have remained unchanged at Tk 110 per litre. 

Experts Opinion

According to Professor Selim Raihan, economist and executive director of South Asian Network on Economic Modeling, the price hike by the TCB was an act of “inconstancy” in light of the present situation.

According to him, people are already under pressure while standing in lines at TCB establishments to buy grains at subsidized rates and so the government should not resort to price hike amid the present situation.

The Bottom Line

The Russian invasion of Ukraine have raised difficulties for almost everyone around the globe; however, the sufferings have been much more for the poor nations like Bangladesh. Located in Asia, Bangladesh is having a tough time procuring supplies for its domestic needs and the recent hike by the TCB in subsidized rates of grains have further added to the problems of the people of the country.

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