Rice prices rise amid ‘supply shortage’
Business Desk :
Retail rice prices in Dhaka have risen by Tk 2 to Tk 3 per kilogram due to alleged supply shortage, despite steady wholesale market prices over the past five days.
During visits to various kitchen markets, it was found that retailers have raised prices by Tk 2 to Tk 3 per kg, citing reduced supply from wholesalers. Despite no increase in wholesale prices, some retailers have opted to sell rice at higher prices, reports UNB.
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Fazlu Mia, owner of Bhai Bhai Rice Agency in Mogbazar Kacha Bazar, told UNB that he received only 100 sacks of rice from Naogaon, instead of the usual 150 sacks. As a result, he felt compelled to increase his rice prices by Tk 2 to Tk 3 per kilogram, attributing it to the supply shortage.
Rojab Ali, a wholesaler, stated, “We are selling rice at the same prices as before. The prices have not increased yet.” However, he acknowledged that the supply of rice is currently low, and the market may remain unstable until new rice enters the market. He also pointed out that imported rice has not yet arrived, making it unlikely for prices to decrease in the near future.
Ali emphasized that the rice market’s instability would persist until the syndicate controlling the market is broken.
To address the rising rice prices, the government had previously withdrawn import and regulatory duties on rice in two phases, effective from October 20 and November 1. The decision aimed to increase supply and ensure that rice prices remained affordable for the common people. The National Board of Revenue (NBR) had expected these measures to reduce rice prices by at least Tk 9.60 per kilogram.
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According to the Bangladesh Bureau of Statistics (BBS), the average daily per capita rice consumption in the country is 328.9 grams.
In urban areas, the daily consumption per capita is slightly lower at 284.7 grams. This consumption pattern requires a total of 2.6 crore tons of rice annually for the country’s population of 170 million.