Rice price sharply declining in city market

Price of most rice varieties found declining sharply in the city markets for the last two weeks while lowering of staple food price likely to be continued till further period.

The price of medium and coarse variety rice has been declined and the situation would continue for at least next two months due to current Boro harvest which likely to be continued till the middle of the next month, reports BSS.

While visiting city’s Kawran bazaar and Mohammadpur Government Krishi wholesale market found that the price of all sorts of medium and coarse variety rice has declined up to Taka 3, in per kilogram, compare to the price stood in last week.

The retail price of medium fine quality Miniket rice is being sold at Taka 66 per kg, while it was sold at Taka 68 before a week.

At the wholesale market, the price of a 50-kg sack Miniket rice now is being sold at Taka 3,215, declined from Taka 287 from the earlier Taka 3,500, said Morshed Alam, a wholesaler of Mohammadpur Govt Krishi market.

“The rice price is declining with a range of Taka 100-150, per 50-kg sack, on an average.”The price fall situation likely to be continued for one and half month”, said the whole seller.

Even the price of coarse variety ‘BR-28’ is being sold at Taka 52 per kg, declining by Taka 3 from the earlier price of Taka 55 where selling price of per 50-kg sack stands at Taka 2500, decline from Taka 2730-2750, a week ago.

Talking about the present rice price situation, noted farm economist Dr Jahangir Alam said “there is no chance of rice price hike in the next two months as the overall yield of Aman and Boro has crossed the optimum level.”

Dr Alam, however, continued that the rice price likely to be declined more in coming days as the Boro is contributing 54 percent of the total rice output.

Even the rice price is getting lower as the new harvest flooding the market which is ultimately resulting in the growers usually sell 60 percent of their total harvest during this season, the economist added.

The lower rice price situation will not continue for long period as the Boro yield in the haor area was although good, but the other areas across the country was not up to the mark due to prolonged drought”, said Nirod Baran Saha, general secretary of Rice Arotdar Samity.

Rejecting the estimate of the optimum Boro output, the Arodar Samity leader said the Boro production has been hampered 3 to 5 maund in a bigha in different areas excepting the haor region as haor area contributes only 13 percent of the boro output.

About Boro production, Badal Chandra Biswas,Director General (DG) of the Department of Agricultural Extension (DAE) said “We are expecting optimum Boro production this year against the production target of 2.22 crore tonnes set for FY24 as the result of overall yield was standard and there is no weakness”.

Data released by the Bangladesh Bureau of Statistics (BBS) on the production of dry season crop Boro showed that the country bagged 2.07 crore tonnes of the staple grain during the Boro season in FY23, up 3 percent from the previous fiscal year.

Total rice production grew 2.5 percent year-on-year to 3.91 crore tonnes, the highest on record, in FY23.