The prices of essential commodities have increased not only in Bangladesh but also in other countries of the world due to the ongoing global situation, said Local Government and Rural Development (LGRD) Minister Md Tajul Islam on Friday.

The minister said, apart from Bangladesh, commodity prices have risen in almost all countries of the world including India, China, England, and Singapore.

Read: Covid fallouts, Russia-Ukraine war behind price hike: PM

He was talking to the reporters after the Bangladesh Youth Cadet Forum (BYCF) Ex-Cadet Camp-2022 at the proposed Sheikh Kamal Krira Palli in Cumilla.

The LGRD minister said production in many industries has declined due to the Covid pandemic. “Communications were halted and fuel prices rose to record levels.”

Besides, the Russia-Ukraine war has affected the global market, he added.

 “The government was trying to control the prices of essential commodities for the people of the country,” said the minister.

Tajul said “It is not possible to reduce the price of all products suddenly if you want to.”

“Even then, the government is trying to keep the prices of daily necessities within the reach of the people,” said the minister, adding that the government has decided to reduce VAT (value added tax) on imported essentials so that people can buy at lower prices.

He further said the purchasing power of the people and the per capita income has also increased. “And so the demand for products has also increased, so has the impact on prices.”

Read: Strict monitoring to check price hike of commodities during Ramadan: Munshi

He also mentioned that the prices of products are increasing due to increasing production cost.

Cumilla City Corporation Mayor Md Monirul Islam Sakku, Deputy Commissioner Mohammad Kamrul Hasan, Superintendent of Police Faruk Ahmed PPM (Bar), and Adarsha Sadar Upazila Chairman Advocate Aminul Islam Tutul were present at the event among others.