Hilsa remains dearer, although annual production of the most sought-after fish in Bangladesh has increased for the last several years.

On October 7, consumers in Dhaka were purchasing Hilsa at Tk 800 to Tk 1,800 per kilogramme (kg) depending on size, which was 8.3 percent higher than a month ago. 

Current prices are 37 percent higher than a year ago, according to the market price data compiled by the Trading Corporation of Bangladesh (TCB).

Four years ago, prices were a maximum of Tk 900 per kg. At that time, overall production was around 5.5 lakh tonnes, according to data from the Department of Fisheries (DoF). 

Production data for FY24 is not yet available. But the DoF said fishermen harvested 5.71 lakh tonnes of Hilsa in FY23, raising questions about spiralling prices.

"It seems that the estimate of the production of Hilsa is okay," said Md Anisur Rahman, a Hilsa researcher.

"It appears that the purchasing capacity of a section of people has increased. Besides, the social value of Hilsa is very high," he said.

Fisheries officials and researchers said the rising purchasing power and a growing middle class fuelled demand for Hilsa. Many urbanites store the delicacy to consume throughout the year. Besides, a portion is smuggled out of the country.

Khondaker Golam Moazzem, a research director at the Centre for Policy Dialogue, said Hilsa prices could not be analysed based on a normal supply-demand formula.

"It is a scarce product and it can be stored. So, the fish will always have a premium price," he said.

Mohammad Saidur Rahman, professor of agricultural economics at Bangladesh Agricultural University, said prices usually fall for any normal commodity when supply increases.

"But Hilsa has emotional value. Its utility is very high across income groups. Low-income people also try to entertain guests by providing Hilsa," he said.

He cited the permission to export 3,000 tonnes of Hilsa to India ahead of the Durga Puja and said prices should not increase abruptly for such a small quantity of shipment.

He said that they once thought the demand and price of Hilsa would fall with the rise in the production of other fishes.

"But we are seeing that people continue to buy Hilsa although its price has reached Tk 2,000 per kg. There is no doubt that availability has increased. The population and incomes have grown as well."

Bangladesh produced 3.85 lakh tonnes of Hilsa in FY14. Since then, production soared 48 percent, according to DoF data.