Spice prices spike ahead of Eid

Key spices such as cumin, cinnamon, cloves, coriander, ginger, and dry chili have seen their prices skyrocket ahead of Eid, with some experiencing an increase between 100 to 281 per cent compared to last year.

Market insiders attribute the surge to an amalgamation of factors, including the burgeoning demand ahead of the festival and the ripple effects of the international economic crisis.

Most spices, central to traditional meat recipes, are imported, which makes them particularly susceptible to global economic fluctuations.

Trading Corporation of Bangladesh (TCB) reported a staggering 281.25 percent increase in imported ginger prices, with local ginger not far behind at 177.78 per cent. Cumin saw a 131.71 percent hike, while coriander prices climbed by 96.30 percent. Even the modest increases, such as cinnamon’s 13.95 percent rise, are proving burdensome for consumers.

Agro-economist and researcher Dr Jahangir Alam Khan noted that the price hike during Eid had become a regular occurrence. Dr Khan attributed the steep escalation in spice prices to the profiteering tendencies of unscrupulous businessmen and traders who capitalize on market instability.

Visits to various spice shops in Muslim Bazar at Mirpur 12 laid bare the severity of the situation. Cumin, which was priced at Tk 380-400 per kg last year, is now being sold for Tk 900-1000 per kg. Cinnamon prices rose from Tk 400-450 to Tk 450-520 per kg. The cost of cardamom ranged from Tk 1,600-2,800 per kg, and cloves increased to Tk 1,500-1,600 from last year’s Tk 1,050-1,200.

Garlic, another essential ingredient, also experienced a sharp hike. Local garlic sold at Tk 170-180 per kg, with imported variants fetching Tk 200 per kg. Notably, ginger prices saw a substantial increase, with local varieties selling at Tk 350-400 per kg, and imported variants such as the Chinese variety selling for Tk 500 per kg.