Rice, onion prices to come down soon, claims Tofail

Staff Correspondent | Updated at 12:06am on December 22, 2017

Commerce minister Tofail Ahmed on Thursday said that prices of rice and onion would come down soon as hike in prices of these items were only ‘temporary’.
While speaking with reporters at his secretariat office, the commerce minister blamed losses of crops in Rangpur, Dinajpur
and Sylhet due to prolonged floods, few opportunistic traders and speculative news in media behind the hike in price of rice by over 30 per cent since August.
Prices of coarse variety of rice hit a record of around Tk 50 per and fine rice Tk 70 in recently.
On the 200 per cent price hike of onion in the local market since
November, Tofail said production shortfall of
onion both in our country and India sparked the price hike.
He added that data on import, production and stocks on onion were not correct.
The local variety of onion price also hit record Tk 140 earlier this month.
Tofail also feared that the strong associations of businesses and
traders might stop sales of products, if the government agencies took steps toward monitoring
prices of imported commodities.
He said the prices of both items would most likely come down.