Potato prices skyrocket by 229% compared to last year

Consumers are facing a potato price shockwave, with prices surging a staggering 229% year-on-year, despite the presence of both freshly harvested and cold-stored potatoes in the market.

Trading Corporation of Bangladesh (TCB) data shows potatoes were sold at Tk16-22 per kg in December last year. However, both old and newly harvested potatoes are now being sold at Tk60-65 per kg in the capital's kitchen markets, which marks an alarming 44% hike in prices compared to November.  

Visits to several kitchen markets in Kallyanpur, Moghbazar, and Hatirpool areas in the capital on Friday revealed an even grimmer picture. New potatoes are selling for Tk70-80 per kg, while old potatoes are selling for Tk60-70.

Shopkeepers in these markets told TBS that this surge starkly contrasts the usual market trends during mid-December when new potatoes enter the market resulting in a decline in prices.

"New potatoes are being sold at Tk70 per kg. Last December, I sold new potatoes for Tk40 per kg and old ones for Tk20," said Mohammad Anwar Hossain, a seller from Kallyanpur.

Another seller Rezwan Sikder from Moghbazar said, "Usually, vegetables including potato prices drop during winter, but this year, due to inflation, prices of almost all vegetables doubled. Even now, the price of one kilogram of beans is Tk70."

The onion market is also experiencing a similar trend, with fresh local variety onion prices ranging between Tk80 and Tk100 per kg, while old local onions are selling for an even higher rate, at Tk140-150 per kg.

With government interventions in September, potato prices were fixed at Tk35-36 per kg for retail sales and Tk26-27 per kg for wholesale, while local onions were set at Tk64-65 taka per kg.

However, despite the commerce ministry's stringent measures to regulate the prices of staple items — potatoes, onions, and eggs — shopkeepers across the country were boldly flouting the government-fixed rates.

Beans and tomatoes are now selling for Tk70-75 per kg. A medium size cauliflower now costs Tk40-50. Round brinjal is selling at Tk80 a kg, a gourd costs Tk50-70