Prices of sugar, and other staple commodities to drop: Tipu Munshi

Commerce Minister Tipu Munshi said that the domestic market is bearing the burnt of the dollar hike. The increase in the value of the dollar has lead to unbridled prices of commodities in the local market. 

However, he also said that the price of sugar, and other commodities will drop in the coming weeks. 

He added that even if the prices of goods decreases in the international markets, it will not have effect on our markets, however, as the fuel crisis is lessening around the world, it will influence production as well. Therefore, the prices of some commodities including sugar will come down shortly. Now only 66% of the sugar demand is being produced, the deficit is 33%,” he said. 

The minister made the the disclosure following a meeting of the task force on reviewing commodity prices and market conditions at the Secretariat in the capital on Thursday.