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February 2024

Rice prices up by Tk5 per kg

Rice prices also suddenly jumped after the 2018 elections

Despite an adequate rice supply in the market, the price has increased by at least Tk5 per kg in both wholesale and retail markets. 

Traders attribute the price hike to syndicates and the recent national elections’ aftermath, impacting prices at all levels.

On Saturday, markets in the capital, including Kawran Bazar, Farmgate, Agargaon, and Mirpur, witnessed miniket rice selling at Tk70 per kg, Bri-28 at Tk55, Nazirshail at Tk75-Tk80, local coarse rice at Tk50, and fine rice at Tk130-Tk135. 

Besides, the price of each 50kg bag of rice has risen by Tk250-Tk300. At the wholesale level, prices have increased by Tk4-Tk6 per kg over the past week. 

Lokman Hossain, general secretary of Karwan Bazar Rice Traders Association, told The Business Standard that the price of rice usually increases before the arrival of Boro season. 

“But, this time, the price of rice is being increased at the mill level in the full season of Aman. We have to buy rice at millgates for Tk4-6 more,” he said.

Salimul Haque, a retail trader in Agargaon, told TBS they had to increase prices in the last three days as they have to pay Tk4 more to buy from wholesalers.

The harvest of rice in the Aman season is almost at the end. According to official estimates, this year’s production of Aman exceeded all previous records. 

Almost 40% of the total rice production in the country happens during the Aman harvest season (November and December), according to the Directorate of Agricultural Extension (DAE).

AKM Khorshed Alam Khan, president of the Auto Rice Mill Owners’ Association, highlighted that rice prices also experienced a sudden increase after the 2018 elections.

He said syndicates make huge profits by taking advantage of opportunities during the transition of the cabinet.

Price jumps outside Dhaka

Kushtia, a major market for fine rice, saw a Tk4 per kg increase last week, with miniket rice now selling at Tk66. 

In Khajanagar, Kushtia, prices jumped by Tk150-Tk200 per sack (50 kg) within a week. 

Some mill owners reportedly stopped selling rice, impacting prices, while Brahmanbaria witnessed a minimum Tk100 per maund (37kg) increase in rice prices over the last 15 days. 

Some farmers and rice mill owners in a wholesale trading hub in Ashuganj told TBS that before the harvest, some rice was damaged in many places due to storms. 

At present 10,000 to 15,000 maunds of paddy are being bought and sold daily against a daily demand of 1 lakh maunds, they said. QR Code

Published Date: January 14, 2024

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