Rice prices jump by Tk 300 per sack in Dhaka!
Bangladesh faces a surge in rice prices despite a plentiful monsoon harvest, with all varieties witnessing price hikes of Tk 2 to Tk 6 per kg in wholesale markets. Illegal stockpiling is blamed for destabilizing prices, contributing to a 10.42% food inflation rate in June. Consumers express distress over affordability, highlighting challenges in purchasing staple foods. Calls for stricter monitoring at mill levels emerge amid concerns that uncontrolled prices will further strain living costs for ordinary citizens.
The increase, attributed to illegal stockpiling, has forced general consumers to rethink their spending strategy to get through the month.
Even during the abundant monsoon harvest, there’s no stability in the rice market. The prices for all varieties of rice have increased, exacerbating the plight of ordinary consumers already burdened by rising living costs.
Bangladesh recorded 10.42 percent food inflation in June as the country struggles to rein in persistently high commodity prices.
Despite the bumper yield, a syndicate is trying to destabilise the markets. Meanwhile, the price of all rice varieties in the wholesale market has been increased by Tk 2 to Tk 6 per kg.
“We’re being battered by the high prices of commodities. We’re helpless against the syndicate… it’s impossible to overcome this situation without strict monitoring,” said Farhad, who came to purchase rice at Mohammadpur Kancha Bazar.
Abdus Salam, another consumer, said that the rice market is in such a situation that ordinary and middle-class people are losing their ability to purchase the staple. Earlier, people would look for quality products, but the situation has changed. “We’re struggling to survive,” he said.
A week ago, one kg of coarse paijam rice was sold for Tk 48 in the Mohammadpur Kancha Bazar. At present, it is being sold at Tk 53–54, while miniket is being sold at Tk 72 per kg, and basmati at Tk 90.
A vendor in this market said it is impossible to control the rice market by raiding the retail market and imposing fines.
Stockpiling has led to a supply crunch, which pushed up prices, claimed the traders.
Saifuzzaman, the owner of Sushna Rice Agency, said that the millers have to buy rice at a higher price. “So naturally, the cost of production has increased and this has affected the rice market. And now the price is mentioned on all the bags. There is no room for manipulation,” he said.
Consumers are helpless. They are calling for increased monitoring at the mill level. Without this, the prices of essential commodities may continue to rise, further burdening the general public.
Source Link : https://en.somoynews.tv/news/2024-07-09/2LFDHOZu
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