THE price of rice is constantly increasing. Import and production are also low.
Government reserves are also comparatively short. In this situation, people are really worried.
Rice is the main food grain of our people and wheat is the second. So, the price of rice and wheat should be within the purchasing capacity of the people.
The reality is that if the government stockpile of rice is not sufficient, it becomes difficult to keep the price of rice at a tolerable level.
At the same time, the greed for excessive profits of unscrupulous traders and illegal stockpiles can create an artificial crisis in the market, making the situation more unstable.
The latest forecast from the US Department of Agriculture (USDA) says that Bangladesh will need to import at least 6.8 million tons of wheat in the current 2024-25 fiscal year.
In addition, at least 1.5 million tons of rice production in the country has been affected due to two consecutive floods that disrupted production.
Even if we calculate conservatively, the total rice and wheat import requirement for the current fiscal year is more than 8 million tons.
The country’s food grain imports so far were more than 4.8 million tons. Accordingly, 3.2 million tons will have to be imported in the remaining three months.
To keep the prices of these two products within the purchasing power of people from all walks of life, the supply chain should be kept uninterrupted by importing them at the right time.
The relevant government departments should provide timely and reliable statistics on rice production and food stocks.
In the absence of proper policies and statistics, the rice market can become unstable at any time.
Market analysts say that the artificial crisis in the rice market is also working to push the rice market upwards.
It is unusual for the rice market to increase so much even after importing rice at the end of the production season. Strong monitoring should be done to see if there are any constraints in the supply in the market.
The authorities should take quick action to prevent market instability, in addition to increasing rice stocks through imports, considering the global market and local conditions.
