Local Government and Rural Development (LGRD) Minister Md Tajul Islam on Friday said that 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.

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

Md Tajul Islam said this while 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." And the Russia-Ukraine war has affected the global market.

He added that the government was trying to control the prices of essential commodities for the people of the country.

"It is not possible to reduce the price of all products suddenly if you want to," he added.

The government is trying to keep the prices of daily necessities within the reach of the people, said the minister.

The government has decided to reduce VAT (value added tax) on imported essentials so that people can buy at lower prices, he said.

On the other hand, Tajul Islam 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."