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.

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. (BSS)