In the five months from last July to November, the import of food products in the country has experienced a significant decline of 62 per cent. This reduction in imports has led to a depletion of the government’s food reserves.
Experts attribute this decline to the Ukraine-Russia war and the recent conflict in Gaza, which have caused instability in the global food market.
Additionally, the country’s ongoing dollar crisis has further exacerbated the situation. The decrease in imports has, in turn, contributed to a rise in the prices of food products within the country.
As per a report by the United Nations World Food Program (WFP), 85 per cent of Bangladesh’s total demand for wheat, the second staple food, relies on imports.
Wheat imports specifically witnessed a 51 per cent decrease from October to November. The prices of daily commodities such as rice, wheat, and edible oil have started to surge. This has resulted in 36 per cent of low-income people experiencing food insecurity.
The ‘Bangladesh Market Monitoring-November-2023’ report by the World Food Programme (WFP) was released on 27 December. Over the past two years, the agency has consistently published reports surveying the country’s food situation, food prices, and their impact on the impoverished population.
There are worries that the impoverished’s growing reliance on rice as a result of the decreased import of wheat has put further strain on the availability of rice.
Nevertheless, the recent Aman and Boro seasons produced a plentiful harvest of rice in spite of the spike in demand. The major grain of the nation, rice, did not need to be imported from July to November.
Consequently, there hasn’t been much of an increase in comparative pricing, which has led to a minor decrease in food inflation overall in November.
According to the report, food price inflation in the country reached its lowest point in November, marking a 9.49 per cent increase compared to the previous year. This represents a notable decrease of 14 per cent from the previous month. Additionally, inflation for non-food items decreased by 2 per cent during the same period.
The report attributes food inflation to the impact of global geopolitical conflicts, alongside extreme weather events such as heatwaves, cyclones, and floods, which have disrupted agricultural production. The ongoing dollar crisis and the appreciation of the dollar against the taka have further complicated the situation.
In November, an average of Tk 2,833 was spent on food for one person, reflecting a 6 per cent increase compared to the same period last year. The rising costs of purchasing food are posing challenges for a significant portion of the population.
According to the report, the price of a 12 kg LPG bottle in the country has risen by Tk 18, reaching Tk 1,381 within five months, primarily attributed to the ongoing dollar and energy crisis.
Food Secretary Ismail Hossain commented on the matter, stating to Prothom Alo, “We have augmented the food supply for poor people through the social safety net programme and plan to further increase it. There is no shortage of food for the poor in the country.”
