Rising rice prices: Ignite concerns among people

Al Mamun Harun Ur Rashid :
The sudden spike of the rice and paddies has caused much concern among the common people as they are already grappling with the relentless escalation in the prices of daily essentials amid soaring cost of living.

Despite a favourable yield in the recent Aman season, the production cost of rice has risen compared to previous assessments.

The cost per kilogram rice has surged by Tk 7 to Tk 8 within a gap of one week, while the paddy prices have been increased by Tk 250 to Tk 300, sources said.

Meanwhile, the Food Ministry and concerned stakeholders have also expressed bewilderment over the sudden hike in prices, particularly at a time when rice production is in full swing during the peak harvest season.

In response to the escalating situation, the Food Ministry has called for an emergency meeting to address the issue in a bid to relieving the sufferings of the people.

The meeting, scheduled to take place at the Directorate of Food on Wednesday, will bring together key stakeholders, including representatives from the rice industry, Deputy Commissioners, Superintendent of Police, Divisional Commissioners, and players from the wholesale and retail sectors.

“We have convened an emergency meeting to identify the reasons behind the price hike of rice.

There is no reason for the increase right now,” Food Minister Sadhan Chandra Majumder told The New Nation on Monday.

He further added, “A directive will be issued after the meeting regarding the next course of action.”

Sources said that the upcoming meeting is poised to be a high-profile gathering, with the hopes of unraveling the mystery behind the surge in rice prices.

Representatives from all 64 districts, encompassing rice millers, wholesalers, and retailers, are expected to present their insights and explanations for the current state of affairs, ministry sources said.

Meanwhile, the situation has sparked discussions not only in the capital but across the country, as people are grappling with the implications of this unexpected price surge, emphasising the need for swift action to alleviate the financial strain on households.

Voicing his concerns, a day-laborer Jalal Ahmed, in the city’s Mohammadpur area, lamented, “The rising cost of rice is like a whip on our livelihoods. We are already grappling with diminishing incomes, and now this surge in prices is making it even harder to put food on the plate.”

In the bustling markets of various districts, traders and consumers alike have shared their thoughts on the issue.

Abul Bashar, a grocer in Dinajpur district remarked, “The sudden increase in rice prices is affecting everyone.

Our customers are finding it hard to cope with the added expense, and it’s affecting their purchasing power for other essential items too.”

Over the past two weeks, a notable increase in the prices of rice, both in terms of quantity and variety, has been observed in various markets of Dhaka and the country’s major rice hubs.

Jasim Uddin, the proprietor of Ismail and Sons, a rice store in Karwan Bazar, told this correspondent, “The rice prices have increased suddenly and it cannot be considered a normal occurrence.”

Visiting different markets, it was revealed that the price per kilogram of coarse rice (Swarna and China IRRI), which was previously priced at Tk 50-52 a few weeks ago, is now being sold for Tk 58-60.

Medium-quality rice (Pajam and BRR 28) has witnessed a hike from Tk 55-58 to Tk 62-66.

Furthermore, the prices of fine rice, such as Miniket and Nazirshail, have increased from Tk 62-75 to Tk 68-80.

Traders have indicated that at the beginning of the year, there was a decrease in rice supply in the market, leading to an increase in prices.

Despite a good yield in Aman, rice is now being purchased at record prices. Such a situation has not been seen before. At the start of the year, the price of rice per sack has increased by Tk 80 to Tk 100, they said.

Bogura, known as a significant rice-producing region, is currently witnessing instability in its rice market. In the local markets, within a span of two weeks, wholesale and retail prices of all types of Aman rice have surged by Tk 4 to Tk 6 per kilogram.

As of Sunday, fine rice was being sold at Tk 75 per kilogram in the retail market, while coarse rice was available at Tk 54 per kilogram.

A similar situation has unfolded in Naogaon, renowned for its rice and paddy production. Business owners in the district have reported that in the local markets, the price of rice has increased by Tk 150 to Tk 200 per maund (40 kilograms) in just a few days.
Due to this surge in rice prices, both fine and coarse rice have seen an increase of Tk 4 to Tk 7 per kilogram.