Economic Reporter :
The prices of rice and edible oil have increased further in the city markets and the consumers are hard-hit by the skyrocketing the prices.
Traders said that fall in production due to six spells of flooding, fear of food shortage amid the pandemic and higher import duty on rice have been stemming from a surge in rice prices during this rice harvesting and primary trading period.
The government, however, is eyeing to import 1.0 million tonnes of rice from India after failing to procure it from the domestic market and to keep the rice price stable.
Prices of coarse and medium varieties went up by Tk 2.0-Tk 3.0 per kilogram in last seven days as seasonal coarse varieties including Swarna and BR-11 were sold at Tk 50-Tk 52 and medium varieties such as Brridhan-28 and Paijam at Tk 56-Tk 58 a kg in the city.
The Trading Corporation of Bangladesh (TCB) recorded a 6.0-7.0 per cent hike in rice prices in a week and a 13-23 per cent in a month. The current rice prices are 17-48 per cent higher than that of a year ago, said TCB.
K M Layek Ali, secretary of Bangladesh Auto Major Husking Mills Owners Association, said that paddy prices shot up to all-time high of Tk 1,150-Tk 1,350 a maund during this Aman harvesting season. He said production has declined in many rice growing hubs in the northern, north-eastern and central parts of the country.
“Comparatively bigger farmers and seasonal traders are storing a large amount of paddy to earn profits and ensure their own food security. Minimum cost of per kg coarse rice is now Tk 46,” he added.
Chandan Kumar Kundu, a Nilphamari-based trader, said now there is a shortage of common varieties like Brridha-28, 29 and Najirshail in the market.
The government should ease import duty on rice to keep its prices stable, he said, adding that import of rice is almost zero due to above 60 per cent duty.
Bangladesh Rice Research Institute (BRRI) in its latest research said rice production is set to decline by 1.53 million tonnes this Aman season mainly due to six spells of flooding the country witnessed during the period between June and October.
The prices of rice and edible oil have increased further in the city markets and the consumers are hard-hit by the skyrocketing the prices.
Traders said that fall in production due to six spells of flooding, fear of food shortage amid the pandemic and higher import duty on rice have been stemming from a surge in rice prices during this rice harvesting and primary trading period.
The government, however, is eyeing to import 1.0 million tonnes of rice from India after failing to procure it from the domestic market and to keep the rice price stable.
Prices of coarse and medium varieties went up by Tk 2.0-Tk 3.0 per kilogram in last seven days as seasonal coarse varieties including Swarna and BR-11 were sold at Tk 50-Tk 52 and medium varieties such as Brridhan-28 and Paijam at Tk 56-Tk 58 a kg in the city.
The Trading Corporation of Bangladesh (TCB) recorded a 6.0-7.0 per cent hike in rice prices in a week and a 13-23 per cent in a month. The current rice prices are 17-48 per cent higher than that of a year ago, said TCB.
K M Layek Ali, secretary of Bangladesh Auto Major Husking Mills Owners Association, said that paddy prices shot up to all-time high of Tk 1,150-Tk 1,350 a maund during this Aman harvesting season. He said production has declined in many rice growing hubs in the northern, north-eastern and central parts of the country.
“Comparatively bigger farmers and seasonal traders are storing a large amount of paddy to earn profits and ensure their own food security. Minimum cost of per kg coarse rice is now Tk 46,” he added.
Chandan Kumar Kundu, a Nilphamari-based trader, said now there is a shortage of common varieties like Brridha-28, 29 and Najirshail in the market.
The government should ease import duty on rice to keep its prices stable, he said, adding that import of rice is almost zero due to above 60 per cent duty.
Bangladesh Rice Research Institute (BRRI) in its latest research said rice production is set to decline by 1.53 million tonnes this Aman season mainly due to six spells of flooding the country witnessed during the period between June and October.
