Authorities must answer for repeated failure to control market

The government yesterday announced that it would allow onion imports to reduce the suffering of lower-income groups amid ongoing inflationary pressure, according to an official of the agriculture ministry.

Although onion prices were excessively high just one month ago, farmers in Pabna are now struggling to recover production costs due to a supply glut following this year’s harvest.

Commerce Minister Tipu Munshi says onion prices will come down within 10 days with the arrival of the new harvest in the market.

The first consignment of onion will arrive from Egypt on Tuesday, according to a commerce ministry official.

Both the homegrown and imported onions are getting pricey ahead of Eid-ul-Azha despite the fact that government allowed a duty free import of Indian onion.

Onion prices are set to drop further in the country as the Indian government has withdrawn the fixed minimum price on its export.

Onion prices fell yesterday at both retail and wholesale markets due to an increased supply of early harvested onion and India's reduction in the minimum export price.

Onion prices were nearly one and a half times that of a week ago, and local traders are blaming the hike on increased prices in India, the country's main source of import.