Rice market has become volatile again

The rice market has again become volatile, reportedly by the millers.

There is an allegation that they are destabilising the market by hoarding rice instead of supplying it as per demand. As a result, the price of rice is increasing on the pretext of supply shortage in the market.

Even some time ago, the price of rice came down somewhat and the market of the staple food in Bangladesh stabilised in these days of high food inflation.

Then again this syndicating millers’ manipulation by hoarding rice has put most people in difficulty.

According to reports, the stock of rice in the government warehouse is sufficient. Within a month, a 50-kg bag of rice at the mill level has increased by a maximum of Tk 300 for no good reason.

If this is not manipulation then what is it? And the government is not worried about this unreasonable price hike of rice.

Right at this moment the nation is going through a political crisis regarding the forthcoming parliamentary elections and the government is busy devising ways how it can remain in power manipulating the election.

In fact, for the last one decade, it remained busy curbing the opposition and common people’s welfare was not its priority. Now people do not have their voting right on the one hand and are struggling to keep body and soul together in their struggle of survival as the prices of all daily commodities are now on the upward trend.

It is now a hope against hope that this government would be able to contain the market prices of commodities, because the government has no leverage over these manipulators. We have seen this in the case of potato price controlling efforts by the government.

On August 26, India imposed a 20 per cent tariff on rice exports, raising prices in the global market. At that time, it was reported by the relevant departments of the government that there is sufficient stock of paddy and rice at the public and private levels and there is no need to import and the price of rice will remain at a tolerable level.

But the ground reality has quickly become different as millers started hoarding rice. An urgent action is needed now to nab those who have most unethically caused the rice price to rise.