In the capital, the cost of beef has once again surged by Tk50 to Tk100 per kilogram, a month after meat traders initially announced a reduction to Tk650 amidst skyrocketing prices. Despite the December 6 decision by meat traders to cap the price at Tk650, with hints of a potential increase post-general elections, the fixed price has not been fully implemented. Presently, beef is being retailed between Tk700 to Tk750 per kilogram in most kitchen markets and chain shops in Dhaka.
Traders attribute the sudden price hike to increased nationwide demand for beef during the elections, coupled with a surge in marriage ceremonies during December-January. Additionally, the cost of cattle has witnessed an upward trend. Some traders have responded to the financial strain by either reducing meat sales or temporarily closing their shops.
Meat trader Md Swapan from the Banasree area expressed concerns about the financial viability, citing the purchase cost of a 100-120 kg cow at Tk700 to Tk710 per kilogram, resulting in losses when the selling price is Tk650. Consequently, some traders have resorted to shutting down their businesses.
A recent survey of various locations in Dhaka revealed super shops, including Swapna and Meena Bazar, selling beef at Tk720 to Tk730 per kilogram, with prices reaching Tk750 in local shops. Traders assert their inability to adhere to the fixed price due to inadequate funds arising from the escalating wholesale price of cattle.
Golam Murtaza, President of the Bangladesh Meat Traders Association, announced plans for a meeting to discuss and declare a new price, as selling beef at the current rate is deemed unfeasible. The announcement follows internal divisions among meat traders after the initial decision to reduce prices. Despite a subsequent agreement to maintain the Tk650 price until January 7, most traders continued selling beef at Tk700 per kilogram from the outset, causing consumer demand to surge.
Consumers flooded beef shops upon the price reduction announcement, further boosting demand. While a subsequent meeting was planned to review cattle and beef prices, the cost has surged again prior to the deadline. At Karwan Bazar kitchen market, a mix of traders continued selling beef at Tk650, while others charged Tk750.
Golam Murtaza highlighted the losses faced by traders selling meat at fixed prices and emphasized that consumers were initially buying beef at Tk620-Tk630 per kilogram, which has now risen to Tk700 or more. Contrary to the rising prices, AHM Shafiquzzaman, the Director General of DNCRP, contemplates a further reduction to Tk500 to alleviate consumer burden.
In a recent visit to Khalil’s meat shop in Rampura on January 1, where beef was being sold at Tk590, Shafiquzzaman acknowledged the market pressure signaled by Khalil’s price reduction. He encouraged others to follow suit to stabilize the market without undue pressure.
