Rice is more than a staple in Bangladesh — it is the backbone of food security and a central driver of household expenditure.
That is why the continued rise in rice prices, even during the peak Boro harvest and despite falling international prices, is both abnormal and deeply alarming.
According to the General Economics Division (GED), rice alone accounted for more than half of July’s food inflation.
Medium and coarse varieties contributed over 42 per cent of the burden, while all three categories of rice experienced double-digit inflation, reports The New Nation on Monday. Such a scenario defies economic logic.
Importers enjoy a 20 per cent duty exemption, and the government’s procurement target has been surpassed. In theory, retail prices should have stabilised — if not fallen.
Experts have pointed fingers at syndicates operating among millers and wholesale traders, manipulating supply to keep prices artificially high.
The evidence is compelling: even as government stocks rise, rice distribution fell sharply in July, and private importers have been slow to release consignments.These distortions suggest that the issue lies less with production or import costs and more with deliberate market manipulation.
The consequences extend far beyond the dining table. Inflation stood at 8.55 per cent in July, with food inflation at 7.56 per cent. For ordinary households, especially the poor, rising rice prices translate directly into reduced nutrition, lower savings, and heightened economic insecurity.
Left unchecked, such pressures could also undermine broader economic stability, already strained by fiscal challenges and high interest rates.
The government will need to respond quickly. First, the operation of syndicates needs to be investigated and dismantled through strict enforcement and transparent monitoring of millers and wholesalers.
Second, distribution channels must be expanded and optimised to ensure that public procurement is matched by a timely release into the market. Third, private importers must be held accountable for their release deadlines or face sanctions.
Bangladesh’s fight against inflation cannot succeed while its most essential staple remains hostage to profiteering. A bumper harvest is of little use if it fails to benefit consumers.
The credibility of anti-inflationary measures now depends on decisive action against market manipulation. Rice should remain affordable for all, not a lever of exploitation in the hands of a few.
