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Rice prices sharply declining in Dhaka market

  • Situation likely to continue till next two months
  • Rice production is highest on record in FY23

File image of sacks of rice. Photo: Collected

The price of most rice varieties has been declining sharply in the city markets for the last two weeks while the lowering of staple food prices is likely to be continued till further period.

The price of medium and coarse variety rice has declined and the situation would continue for at least the next two months due to current Boro harvest which is likely to be continued till the middle of the next month.

While visiting the city’s Kawran Bazar and Mohammadpur Government Krishi wholesale market, it was found that the price of all sorts of medium and coarse variety rice has declined up to Tk3 per kilogram compared to the price stood in last week.

The retail price of medium fine quality Miniket rice is being sold at Tk66 per kg, while it was sold at Tk68 a week ago.

At the wholesale market, the price of a 50kg sack Miniket rice now is being sold at Tk3,215, declining by Tk287 from the earlier Tk3,500, said Morshed Alam, a wholesaler of Mohammadpur Govt Krishi market.

“The rice price is declining with a range of Tk100-150, per 50kg sack, on an average. The price fall situation is likely to be continued for another one and half month”, said the whole seller.

Even the price of coarse variety “BR-28” is being sold at Tk52 per kg, declining by Tk3 from the earlier price of Tk55 where selling price of per 50kg sack stands at Tk2,500, declining from Tk2,730-2,750, a week ago.

Talking about the present rice price situation, noted farm economist Dr Jahangir Alam said: “There is no chance of rice price hike in the next two months as the overall yield of Aman and Boro has crossed the optimum level.”

Dr Alam, however, continued that the rice price is likely to be declined more in coming days as the Boro is contributing 54% of the total rice output.

Even the rice price is getting lower as the new harvest flooding the market which is ultimately resulting in the growers usually sell 60% of their total harvest during this season, the economist added.

“The lower rice price situation will not continue for long period as the Boro yield in the haor area was although good, but the other areas across the country was not up to the mark due to prolonged drought,” said Nirod Baran Saha, general secretary of Rice Arotdar Samity.

Rejecting the estimate of the optimum Boro output, the Arodar Samity leader said the Boro production has been hampered 3-5 maund in a bigha in different areas excepting the haor region as haor area contributes only 13% of the boro output.

About Boro production, Badal Chandra Biswas, director general (DG) of the Department of Agricultural Extension (DAE), said: “We are expecting optimum Boro production this year against the production target of 22.2 million tons set for FY24 as the result of overall yield was standard and there is no weakness.”

Data released by the Bangladesh Bureau of Statistics (BBS) on the production of dry season crop Boro showed that the country bagged 20.7 million tons of the staple grain during the Boro season in FY23, up 3% from the previous fiscal year.

Total rice production grew 2.5% year-on-year to 39.1 million tons, the highest on record, in FY23.

https://www.dhakatribune.com/business/346411/rice-prices-sharply-declining-in-city-market QR Code

Published Date: May 13, 2024

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