Rice price rising
Rice prices are rising due to supply shortages, high production costs, and economic instability, exacerbated by recent political unrest. The cost of other essentials, such as soybean oil, sugar, and chicken, has also increased. Traders attribute the rise to higher transportation costs and hoarding by millers. An intelligence agency identified hoarders, urging government action. With 50 large mills controlling supply and prices, the government has blacklisted 16,000 millers. Immediate action is needed against those driving up prices.
Prices of rice mark a gradual increase in the market, multiplying the sifferings of the people, particularly from the low and fixed income groups. All varieties of rice, the staple food of the country, have gone up in the last few days following the recent violence over the student quota movement.
Besides, prices of other essential commodities, including, soybean oil, sugar, broiler chicken in the kitchen market. Traders attributed the price hike to supply shortage, rising cost of production and the country’s volatile economic situation, according to media reports.
Millers and traders have raised the rice price as, according to them, they now have to pay exorbitant fare of trucks travelling to Dhaka from different parts of the country.
We are concerned over the unusual increase in the price of rice, of all kinds of essential commodities, including, edible oil, lentil, fish, meat and vegetables. The increase in the transportation cost due to the fuel price hike has pushed up the prices of essential commodities. Bangladesh is currently in the third position in global rice production. A syndicate of mill owners, traders and hoarders have increased the price of rice cashing in on the political unrest.
A section of millers and traders hoarded paddy during the harvesting season and now they are creating an artificial crisis of rice in the market to make a fast buck.
Earlier, a intelligence agency identified hoarders who are blamed for the rise in the rice price. It also suggested that the government take immediate stern action against them in order to curb the soaring rice prices. According to a study of the Bangladesh Institute of Development Studies (BIDS), 50 large mills have the capacity to control the supply and influence the the price of the staple food.
The government had also blacklisted 16,000 millers across the country for manipulating the rice price through hoarding. Currently, the country has over 3,5000 auto rice mills and 18,500 rice mills. The interim government must launch a crackdown on the millers and traders responsible for the rice price hike.
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