Reversal News Desk,
The rice market is quite unstable even in the peak of the monsoon season. In the last two days, the price of coarse rice alone has increased by 4 to 5 taka per kg. The price of fine and medium-quality rice has also increased. This situation in the rice market has been like this for more than a month. This has put consumers in trouble. The suffering of low-income people in particular has increased.
Because, the increase in rice prices has the biggest impact on inflation. According to the Bangladesh Bureau of Statistics (BBS), inflation in the country was close to 11 percent in December. Which is slightly lower than in November. But overall, the inflation rate is still high.
But why is the price of rice increasing during the Aman season? Several sources said that the price of rice is increasing mainly due to hoarding.
Sources said that those who stored potatoes in cold storage last season made huge profits. This time, these hoarders have hoarded rice. At a function in the capital on Wednesday, the Trade Advisor admitted that the price of rice has increased and blamed hoarding as the reason. He said that the Aman season is currently underway. There is no shortage of rice in the market either. As a result, the increase in the price of rice is unreasonable. In the meantime, the Food Ministry has instructed the District Administrators and UNOs to implement the anti-hoarding law.
The government’s marketing agency, Trading Corporation of Bangladesh (TCB), prepares a report on the market prices of various daily necessities. The organization has also highlighted the issue of rising rice prices in its report. According to the information in this report, the rice market has been high for the past one month. In the last two days, coarse rice has increased by Tk 4 per kg and is being sold at Tk 54 to Tk 58 per kg. In addition, medium-quality rice, Pajama/Lata, has increased by Tk 2 per kg and is being sold at Tk 60 to Tk 65 per kg. And the price of fine rice, Nazirshail/Miniket, has increased by Tk 2 to Tk 4 per kg and is being sold at Tk 70 to Tk 84 per kg. However, the price of good quality Nazirshail rice in the capital’s retail market has exceeded Tk 90. While the relevant sources blame hoarding as the reason for the increase in rice prices, millers say that the price of rice has increased due to the increase in rice prices. They say that this time the price of rice is 200 to 250 taka more per maund compared to last year. Which has affected the rice market.
The rice hub of the northern part of the country, Raiganj, Sirajganj, a businessman, told M/s. Golam Mustafa, the owner of Antim Semi Auto Rice Mill, that last year, a maund of coarse rice was 1,100 taka. This time it is being sold at 1,300 to 1,350 taka. Accordingly, per maund of coarse rice, the price has increased from 200 to 250 taka. In addition, the price of fine rice has increased from 200 taka to 1,500 to 1,900 taka. Another major rice hub of the northern part is Sherpur, Bogra.
Hanif Uddin, the owner of Azim Boiler, a businessman in this hub, told Ittefaq that this time, due to the high price of potatoes, stockpilers have sold potatoes and stockpiled a large amount of rice. As a result, the hub does not have the supply of rice as per the demand.
Meanwhile, the Food Ministry’s data says that currently 8 lakh tons of rice are stored in the government’s warehouses. Which is not enough for food security. In addition, the amount of rice procurement from the domestic market is not satisfactory due to the increase in rice prices. This time, the government has set a target of 6.5 lakh tons of rice and 3 lakh tons of paddy for the current season. Although this procurement target was set last November, about 2.5 lakh tons of rice have been procured so far. This procurement drive will end next February. But questions have been raised about how successful the procurement drive will be during this period.
Food Ministry sources said that due to the high import costs due to the increase in the value of the dollar, the private sector has not imported enough rice.
Food Ministry data says that 1 lakh 17 thousand tons of rice were imported from July 1 to January 2. However, a meeting was held in the Food Ministry this week regarding rice import. In the meeting, it was decided to import 50 thousand tons of Atap rice from Pakistan. Trading Corporation of Pakistan (TCP) will supply this rice.
In addition, 1 lakh tons of rice will be brought from Myanmar on a G-2-G (agreement between the governments of the two countries) basis. In all, initiatives have been taken to import a total of 9 lakh tons of rice officially. Yesterday, Food Advisor Ali Imam Majumder told reporters in his office at the Secretariat that 1 lakh 75 thousand tons of rice will be officially imported from different countries in the current (January) month. He expressed hope that the price of this rice will come down. He said that customs duties have been withdrawn for private rice imports. OMS activities are underway, and they will be further strengthened. In response to a question, he said that instructions have been given to the District Administrators and UNOs to implement the anti-hoarding law.
TCB’s product sales program inaugurated
Trade Advisor Sheikh Bashiruddin inaugurated TCB’s January product sales program through new smart cards at Deepikar More in Begunbari area of Tejgaon in the capital yesterday.
