Despite the peak Aman season, the price of rice has increased by Tk6–10 per kg in the last month, making it difficult for customers to keep up with the rising costs. The high spike in rice prices dominates the relief that has been brought about by the increasing availability of vegetables. Retailers are demanding more stringent oversight at the mill gates and blame this spike on fee increases by mill owners. Market pricing have not yet been impacted by government initiatives, such as lower import duties.
The Trading Corporation of Bangladesh (TCB) reports that during the last month, the price of fine rice has gone up by 4% to Tk70-84, medium-grain rice by 2.46% to Tk60-65, and coarse rice by 6.67% to Tk54-58. The average cost of all types of rice has increased by 15% in the last 12 months.
Speaking with vendors on Friday, January 10, in Dhaka’s Kalyanpur, Hatirpool, Karwan Bazar, and Magbazar marketplaces, it was discovered that premium Miniket rice now costs Tk82 per kilogram, up from Tk72 three weeks prior. The cost of medium-grain rice has increased by Tk5–6 per kilogram, and BR-28 rice is now selling for Tk64. Nazirshail rice costs between Tk90 and Tk92 per kilogram.
“Mill owners claim that the hikes are being driven by rising paddy prices. Retailers like us only make Tk1-2 per kilogram of profit,” Karwan Bazar rice seller Mohammad Khokon said. He stressed that in order to stabilize rice prices, mill owners and corporate entities must be subject to more stringent control. A target of 1.75 lakh tonnes of rice production for the Aman season was established by the Department of Agricultural Extension, although it is unlikely that this objective will be met due to flooding in late 2024.
The food ministry reports that 4.16 lakh tonnes of wheat and 8.03 lakh tonnes of rice are now stored in government warehouses. Speaking about the problem at an event on Wednesday, Commerce Adviser Sk Bashir Uddin acknowledged the suffering brought on by price increases but characterized the situation as temporary.
“If anyone hoards unfairly, they will be forced to release their stock,” he stated, adding that imports from India, Pakistan, and Myanmar would contribute in market stabilization. The government is expanding the operations of the TCB and Open Market Sales (OMS) to assist low-income groups.
Vegetable prices provide relief
The winter vegetable market has offered some relief from the high cost of rice. Prices for a number of items have decreased due to increased supply. Last week, potatoes were Tk45–50 per kg; currently, they cost Tk35–40. The cost of large cabbages and cauliflowers is Tk20 each. Green chilies cost Tk60 per kg, aubergine Tk40-50, radishes Tk20-30, and other bean types Tk30-50. But the cost of beef and chicken hasn’t changed. The cost of beef is Tk750-780 per kilogram, broiler chicken is Tk200-210 per kg, and sonali chicken is Tk340 per kg.
Concerns about growing rice costs were voiced by buyers such as Shah Alam, who said, “Prices are rising, but our income has not.” In order to control household expenses, we have had to reduce our consumption of necessities like milk, fish, and poultry and increase our reliance on vegetables.
Source: The Business Standard
