Bangladesh Army Chief Of Staff - Price Increases Have Reached "Intolerable" Levels

[hatrack]

Chief of Army Staff General Moeen U Ahmed yesterday said, the prices of essentials have shot up to such a high level that it has been very difficult for the people to tolerate.

The tendencies of some consumers who purchase huge amount of commodities create panic in the market and rise prices of essentials, he said adding that trends of stockholding commodities by importers, wholesalers and retailers are also pushing up prices.

The hike in prices of essential items in the global market is also another factor that shot up the prices in the country, General Moeen said referring the figures that price of rice in the international market has gone up to US$ 500 per metric tonne (MT) in March 2008 from US$ 260 per MT.

The price of wheat went up to US$ 399 per MT this year from US$ 240 last year, while palm oil to US$ 1246 from US$ 565, sugar to US$ 396 from US$ 299, powder milk to US$ 5242 from US$ 3000and soyabean oil to US$ 1503from US$ 620. The government has undertaken various measures to keep prices under control, he added.

EDIT

http://nation.ittefaq.com/issues/2008/04/09/news0906.htm