Despite campaigns by various government agencies and Food Minister Sadhan Chandra Majumder to keep the rice market stable, the prices have suddenly jumped, much to the dismay of consumers during Ramadan.

After the January 7 election, rice prices went up by Tk 150 to Tk 900 per 50kg sack despite record government stocks and no sign of a supply shortage. Photo: Somoy

Several markets, including Karwan Bazar in the capital, saw the price of rice increase by Tk 100 to Tk 200 per sack within a week on Tuesday (Mar 19).

‘Miniket’ is being sold at Tk 70-71 per kg, ‘Nazirshail’ at Tk 76-80, ‘Guti Swarna’ at Tk 51-52 and ‘BRRI-28’ at Tk 55-56.

Last week, all were sold at Tk 66–68, Tk 72, Tk 49–50, and Tk 51–52, respectively.

State Minister for Commerce Ahsanul Islam Titu earlier claimed that the rice market was stable. “The price of rice will not increase during Ramadan,” he said.

However, rice traders said that the mill gate price has increased by Tk 100–200 per sack. According to rice trader Rakib, the price of rice has never increased during Ramadan.

Meanwhile, the wholesalers and traders said that some unscrupulous mill owners have a syndicate and stockpile rice.

On the other hand, millers are blaming the shortage of rice and labour for the price hike.

The general public has blamed syndicates and sought the government’s intervention to cool the market.

After the January 7 election, rice prices went up by Tk 150 to Tk 900 per 50kg sack despite record government stocks and no sign of a supply shortage.

Later that month, Food Minister Sadhan promised to crack down on illegal hoarding regardless of political affiliations or familial influence, saying that no excuse for rice price hike will be tolerated as Prime Minister Sheikh Hasina has issued strict instructions to tackle the issue.

Published Date: March 19, 2024