Despite an increase in the import of essential food items like rice, edible oil and sugar in the just concluded financial year, the prices of the commodities on the local market rose sharply during the period.
The Bangladesh Bank data released on Tuesday showed that letters of credit worth $1,078 million were opened for rice import between July 2010 and June 2011 against $186 million in 2009-2010 financial year.
Letters of credit worth $1,527 million were opened for import of edible oil and $1,120 million for sugar in 2010-2011 against $1,058 million and $783 million respectively in 2009-2010.
Commodities market data, however, showed that the prices of the commodities on local market were much higher in the first week of July than the same period of the previous year.
The prices of different verities of rice increased to between Tk 33 and Tk 54 a kilogram till last week from Tk 30 and Tk 46 a kg in the first week of July in 2010.
The prices of soya bean oil shot up to Tk 110-120 a litre till last week from Tk 84-87 in the first week of July in 2010.
The super palm oil was sold at Tk 104-110 a litre last week against Tk 72-74 a litre during the same period of 2010.
The prices of sugar also increased to Tk 64-66 a kg in the last week from Tk 42- 44 a kg in the first week of July in 2010.
The central bank's data also showed that letters of credit worth $1,349 million were opened for wheat import in 2010-2011 against $1,011 million in 2009-2010.
Source : New Age
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