Shawdesh Desk:

The rising trend in rice price has been battering the consumers who are already hit hard by the soaring price of essential commodities.

Hoarding by millers, traders and middlemen; high import duty, as well as mounting transport costs, are blamed for the hike in rice price, said the market insiders.

Farmer started cultivating the biggest paddy crop boro in various parts of the country. New Boro paddy will start arriving in the market from April to June, which might ease the price of rice.

Lack of proper production and demand data and market monitoring in the retail, wholesale and millers end is also causing the prices to hike, said Agri economist Dr. Jahangir Alam Khan.

“Market actors like corporate rice traders and millers are manipulating the rice market to gain higher profit when they see a gap between demand and supply,” he said.

Coarse rice price soared by 3.26 percent to Tk 45-50 per kg on 16 February from Tk 44-48 per kg a week earlier, according to Trading Corporation of Bangladesh (TCB).

The price of fine and medium quality rice has maintained inflated prices of Tk 60-68 and Tk 50-56 per kg respectively in the city.

The Food and Agriculture Organisation’s all-rice price index witnessed a 3.1-per cent hike in January 2022 than that of December 2021.

Food Secretary Dr Mosammat Nazmanara Khanum earlier said the prices of rice will not rise during the upcoming Ramadan.

“Rice price has been rising at different levels. I think it will be controlled by increasing the supply,” she said.

“More than 2 million tonnes of food grains are in government stock. Once the paddy harvesting starts, rice price will drop further,” she said.

“The Open Market Sales (OMS) of rice will be increased further if necessary. The government will import rice if needed,” the Food Secretary added.