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Onion prices double compared to last year

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FT ONLINE

The price hike of onion has stopped for now, but still the indispensible cooking ingredient is currently selling at double the prices compared to same time last year.

On Friday, the local ‘Deshi’ onion was being sold at Tk 70 to 75 per kilogram at Karwan Bazar and other markers in Dhaka.

A few weeks ago, onion was being sold at Tk.100 per kilogram. Trading Corporation of Bangladesh says the price of this variety of onion was Tk 35 to 40 by the end of the season a year ago.

Traders blamed the lack of supply for high prices, however, consumer rights activists disagree. Consumers Association of Bangladesh (CAB) Vice-President SM Nazer Hossain blamed ‘market manipulation’ for the hike in onion price.

He said the prices have never been this high at season-end and the supply in the country is very good.

“We must assume that there is a big syndicate in the supply chain manipulating the market,” Nazer said.

Traders say the buyers would have to wait another month for the onion prices to drop after the arrival of the supplies of the new season.

-SAM

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