There is no way to stop rising rice prices.

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 There is no way to stop rising rice prices.

The rising trend in the domestic market is not being stopped, despite the fact that the price of rice has dropped in the global market. Nonetheless, the nation has achieved a record in both production and stocks this year. Furthermore, there is a decrease tendency in the price of rice on the global market. In comparison to the latter half of 2017, the product's price has dropped by 26%, to its lowest point since 2017. The market is unaffected by a number of government efforts to stabilize it, such as permitting private rice imports, providing OMS for low-income individuals, and implementing food-friendly measures. But buyers, sellers, and market analysts refer to this as odd.

According to Trading Economics, there has been a 3.8 percent drop in the price of rice on the international market in just one month. It has fallen 9.16 percent in the first seven months of this year. Additionally, it has dropped 14.16 percent in a year when compared to the same time frame. The United Nations Food and Agriculture Organization reports that this year's price index for all varieties of rice has dropped by 13%.

The group claims that the biggest supplier, India, has raised its record output and progressively removed export restrictions, which has expanded market supplies. Other nations including Vietnam, Thailand, and Pakistan have also seen increases in production.

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In Bangladesh, rice prices are trending in the other direction, despite the world market's slow decline. Although the price of rice has not gone up in the last month, the prices of fine varieties Nazirshail and Miniket, medium varieties Pajama and Atash, and coarse varieties Swarna and China Eri have all gone up by 15.94 percent, 16.7 percent, and 10.58 percent, respectively, in comparison to the same period last year, according to market price data released Monday by the state marketing agency Trading Corporation of Bangladesh (TCB).

Fine rice is being sold for 75 to 85 taka per kilogram, medium quality rice for 60 to 70 taka, and coarse rice for 55 to 60 taka, per yesterday's TCB daily retail market price statistics in the city of Dhaka.

At the start of this year's Boro season, the price of rice dropped by 10 to 15 taka per kilogram, but it began to rise again the second week of June following Eid-ul-Azha, and it is currently selling for the highest price ever, shattering all previous records. The cost of all varieties of rice went up by 5–6 taka per kilogram in July as well.

In the meantime, the General Economics Department (GED) report states that although the cost of other goods in the nation has dropped, the price of rice has not, which has increased inflation. Since Dec. 2024, inflation has been steadily declining. In June, food inflation dropped below 8% and overall inflation below 9% for the first time since February 2023. The price of rice is uncomfortable, even though this slightly relieves common consumers.

From 40 percent in May to 50 percent in June, rice's share in food inflation rose. In June, the rate of inflation for all varieties of rice was 15%. Just medium-quality rice was responsible for 25% of food inflation. Additionally, 17.82 percent came from coarse rice. A significant source of worry for those involved is the July price hike for medium-quality rice.

 

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The Chatal traders of Dinajpur, Naogaon, and Kushtia no longer control the nation's rice market, according to Amjad Hossain, owner of Islam Rice Agency in Babubazar, the biggest wholesale market in the capital. Corporate houses now have influence over the rice market. For unclear reasons, the government did nothing when these corporations raised the price of rice, even during the busiest time of year.

He claimed that three to four days prior to the most recent Eid-ul-Adha, the businesses abruptly stopped accepting our orders. The market price of rice went up by 350 to 500 taka per sack after Eid. This is really enigmatic  He added that if the government is unable to regulate the enigmatic role of corporate houses, the market will not stabilize regardless of how many measures it takes.

Online magazine was informed by SM Nazer Hossain, vice-president of the Consumers Association of Bangladesh (CAB), a consumer rights organization, that while permission to import rice has been granted, the majority of dealers do not import rice. In order to sell rice at a greater price, traders are causing a supply crisis, which indicates that they have enough rice in stock.

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Corporate business owners, however, are hesitant to believe these accusations. They claim that the nation's rice production is still insufficient. Because of the delay in giving permission to import, demand has escalated, leading to a separate crisis in the rice market.

In this regard, Nabil Group managing director Aminul Islam Swapan informed Amar Desh that the accusations of placing corporate blame are completely untrue. A crisis will occur if supply and demand are not balanced. He claimed that although traders should have received approval to import rice two months ago, they did not. He added that traders are under pressure for a variety of reasons, and that many of them lack the guts to make investments.

On August 10, the Food Ministry wrote to the Secretary of the Commerce Ministry to request authorization for Five lakh tons of uncooked and parboiled rice would be privately imported by 242 businesses. 39,000 tons of this are uncooked rice, and 461,000 tons are parboiled rice. According to the import conditions, the designated importers must sell all of the rice in Bangladesh by September 30.

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Through OMS Truck Sales, the Food Department also provides low-income individuals with affordable rice and wheat. As of August 15, the organization has implemented a food-friendly program. For six months, 5.5 million families nationwide would receive 30 kg of rice every month at a cost of 15 taka. Additionally, nationwide TCB smart card sales are being conducted on a regular basis. About 6.5 million families have received smart cards thus far. 5.4 million of these smart cards have been activated. In other words, these 5.4 million families can now purchase TCB goods. Ten million families are anticipated to receive smart cards from TCB.

In this regard, Amar Desh was informed by Moniruzzaman, Director of the Food Department's Procurement Division, that "a record amount of Boro has been collected and storage is also good." Private importation of rice has been approved. Official imports of rice are also being made. Additionally, OMS and food-friendly initiatives will begin on August 15 and run for four months. The rice market is expected to stay steady.