The prices of spices saw a sharp rise in the past couple of weeks at Khatunganj, the wholesale market in the port city, ahead of Eid-ul-Azha.
Traders blamed the increase in the dollar rate for the price hike, while consumers blamed a business syndicate for it.
The prices of spices have shown an upward trend since the beginning of the month before witnessing a sharp rise in the past two weeks.
The prices of black pepper increased to Tk 810 a kilogram from Tk 750 a kilogram, cardamom Tk 4000 a kilogram from Tk 2000 a kilogram, coriander Tk 190 a kilogram from Tk 140 a kilogram, imported red chilli Tk 320-350 a kilogram from Tk 280-300 a kilogram, turmeric Tk 250-265 a kilogram from Tk 200 a kilogram, and cumin to Tk 720-730 from Tk 570 a kilogram.
However, the price of cinnamon decreased a bit from Tk 390鈥�485 a kilogram to Tk 380鈥�470 a kilogram.
The business of spices is going slow as the buying聽 capacity of people has decreased due to inflation, said M Sekander, owner of Hazi M Ishaq Sowdagar at Khatunganj.
鈥榃e are waiting for Eid-ul-Azha as the demand for spices increases during the occasion,鈥� he said.聽
Traders said that the prices of some other kitchen items, including onion, garlic and ginger went up on the wholesale market.
The price of local onion increased by Tk 10 a kilogram in the past month. The item is sold for Tk 60鈥�68 per kilogram.
Imported garlic is traded at Tk 180鈥�182 per kilogram, local items at Tk 160鈥�170 per kilogram, and ginger is traded at Tk 220 per kilogram in the Khatunganj wholesale market.聽
Trader M Idrish said that India imposed a 40 per cent duty on the export of onion leading to an increase in the price of the item in Bangladesh.
Though Bangladesh produces enough onion to meet its domestic demand, a significant amount is imported each year to compensate for post-harvest losses, he said.
It encourages local traders to hike their prices in a bid to profit from the situation, Idrish added.
Idrish, who is also the general secretary of Khatunganj Hamidullah Market, said that many importers had opened Letters of Credit (LC) to import onion from Myanmar and China to overcome the crisis.
鈥楾he dollar price is high, which impacts the onion import cycle,鈥� he added.
The Consumers Association of Bangladesh blamed the syndicate of a section of businesses and a lack of market monitoring for the increasing prices of spices.
Spices are the main ingredients for cooking on Eid-ul-Azha, and price hikes are a common habit among businesspeople during the occasion, CAB vice-president SM Nazer Hossain said.
He said that consumers had been suffering due to the profiteering attitude of businesses, and soaring prices forced many to reduce their consumption of spices.