Unrest hits tea prices

Tea prices in Bangladesh fell sharply for a third week at Tuesday's weekly auction amid tepid demand from local buyers despite dwindling supplies amid political unrest.

Tea supplies were lower because of blockades by protesters. Demand remained lacklustre because of the damage to business sentiment caused by the political uncertainty, an executive with National Brokers said.

Bangladeshi tea fetched an average 134.62 taka ($1.73) per kg, compared with 142.06 taka at the previous sale, he said.

About 419,543 kg was offered at the sole auction centre in Chittagong, of which nearly 8 percent remained unsold. In the previous auction, about 31 percent of 881,500 kg was unsold.

Bangladesh's annual inflation rate rose in February as renewed political unrest disrupted the country's supply chain, sending food and non-food prices higher despite a dip in global commodity prices.

-- Reuters