Experts said when international prices rise, traders immediately increase domestic prices, but when global prices drop, it takes much longer for reductions to reach the local markets
Despite a continuous decline in international rice and wheat prices over the past year, prices of these staple commodities have continued to rise in Bangladesh, according to a food ministry report.
As Bangladesh meets the majority of its wheat demand through imports, and both public and private sectors have also imported substantial quantities of rice over the past year, consumers have not benefited from falling global prices.
Experts said when international prices rise, traders immediately increase domestic prices, but when global prices drop, it takes much longer for reductions to reach the local markets.
Global supply disruptions during the Covid-19 pandemic initially pushed up food prices, easing somewhat in 2021 as conditions stabilised. However, the Russia-Ukraine war, which began in February 2022, again sent global wheat and commodity prices soaring.
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