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Bangladesh - March 18, 2024

Now rice in race for price increase

Nazrul Islam : A couple of months ago, the price of all types of rice increased. However, the rice market is somewhat stable due to various initiatives of the Ministry of Food. As a result, despite the increase in the prices of various daily commodities, the rice market was relatively calm. At least there was some relief among consumers regarding this staple food product. But that relief did not last long. The rice market has been rising again for a week. It has put new worries on the lower and middle class buyers.
Big and small traders and millers are blaming each other as the mastermind behind the price hike. Retail and wholesale traders say that generally there is less buyer pressure in the rice market during fasting. Sales are also low. As a result, the price is low. But this time on the contrary, the price is increasing. Millers are increasing the price of rice without any reason. Which has an impact on the retail market.
Meanwhile, according to the millers, unlicensed seasonal stock traders have been buying farmers’ paddy at low prices and storing it. Farmers and millers now have no paddy. As a result, the millers are forced to buy paddy from stockists at higher prices. As the price of paddy is high, the price of rice has increased from 50 paisa to Tk 1 per kg at the mill level. They call it quite normal. But retailers are taking advantage of this opportunity to raise prices unusually. They feel that it is necessary to reduce the violence of the hoarders to keep the rice market normal.
BR-28 and Payjam varieties of rice, known as medium size rice, are the most sold in the market. On Sunday, we visited Mohakhali, Karwan Bazar and Moghbazar in the capital and found that BR-28 is being sold at Tk 54 to Tk 57 per kg at the retail level. A week ago, a kg of rice of this quality was Tk 52 to Tk 54. According to that, two to three rupees have increased per kg in a week. At the same time, small rice or
miniket rice is being sold at Tk 72 to Tk 75 with an increase of Tk 3 per kg. Apart from this, the price of gold or coarse rice has increased by Tk2 per kg. Now the consumer has to pay Tk 48 to Tk54 per kg of such rice. A week ago, it was Tk48 to Tk52.
According to the data of the government agency Trading Corporation of Bangladesh (TCB), the price of medium rice has increased by about 3 percent and the price of coarse rice has increased by about 2 percent in the last one month.
Jamal Howladar, the owner of Salim Rice Agency in Segunbagichar of the capital, said that the price of rice has increased by Tk 100 at the wholesale level. One bag of gold or coarse rice has to be bought at Tk2,450, which was Tk2,350 a week ago. Thus, the price of a bag of BR-28 rice has increased from Tk 2,450 to Tk 2,600. A bag of miniket rice has increased from Tk3,200 to Tk3,300.
Akram Hossain, proprietor of Noakhali Rice Agency in Karwan Bazar told that the millers have increased the price of all types of rice by Tk 100 to Tk 150 per bag. Apart from that, the supply of rice from the mill level has decreased for a few days. The millers are not giving the amount of rice that is being ordered. They say that due to the shortage of rice, the supply of rice is less. It is creating a kind of artificial crisis.
Bangladesh Auto Major &Hasking
Mill Owners Association Vice President Shahidur Rahman Patwari told that the first thing is that the stock of rice has run out. Second, unlicensed seasonal stock traders have bought paddy from farmers. Milads are now forced to buy paddy from them. Due to which the price has been affected.
However, he claimed that if the price of a kg increases by Tk1 at the mill level, the retail traders increase it by Tk4 to Tk5. The government’s surveillance needs to be strengthened in this regard. Besides, this businessman thinks that it is important to stop unlicensed hoarding business.

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