No further rise in rice price

A woman with child in her lap rests in a queue of people waiting to buy rice from the BDR-run fair price shop on the Azimpur Colony ground in the capital yesterday.Photo: STAR

The price of rice has been stable in most of the retail markets in the capital and elsewhere in the country for the last two days.
Prices of different rice varieties have decreased by up to Tk 50 a maund in wholesale markets across the city. But it did not have any effect on the retail outlets.
The government's decision to launch open market sale, import rice and keep watch on the market situation through the intelligence agencies might have contributed to the price stability, said business people.
Besides, potential inflow of Indian rice has prompted many hoarders to release from their stash while panic buying seems to have stopped with middle- and upper-middle-class consumers already having a stock enough to make them feel secure.
Traders said prices would come down both in wholesale and retail markets given that the government continues its efforts to boost supply.
Talking to The Daily Star correspondents, they said availability of rice at Tk 25 per kg at the BDR-run shops led to reduced sales in the retail markets over the last two days.
“We usually sell more on Friday but sales today [yesterday] were very low,” said an employee of Ekota Rice Agency at the Mohammadpur Krishi Market.
Another shop owner said the sales lessened as the consumers got convinced that the price may cease to shoot up in response to the government initiatives.
Earlier, those in the middle and upper class began to stockpile the staple after the food adviser Tuesday said that the government has nothing to do to arrest the soaring prices.
“The sales on Wednesday and Thursday were up four times they usually are,” said a retailer at Karwan Bazar.
Another trader said, “People began to buy as much rice as they can soon after the adviser's comment.”
Reajul Islam of Shekhertek in Mohammadpur said, "Normally, I buy one maund of rice at a time, but this time I've bought three sacks thinking that the price might go on rising.”
Though the price has been stable, the people in low and fixed income brackets continued to suffer. Many in the northern districts have been forced to halve their meals.
Traders said price spiral has been affecting their business too as a family that would usually buy 10 kg a week has now cut its weekly consumption down to 5 kg.
Rice prices came down by Tk 10 to Tk 50 per maund (37.3 kgs) in the wholesale markets at Badamtoli, Babubazar, Karwan Bazar and Mohammadpur.
Wholesalers, however, claimed the price in the go-down end has yet to see a decrease. "We are selling at a reduced rate as the demand has dropped with the consumers crowding the BDR shops," observed a wholesaler at the Mohammadpur Krishi Market.
In the kitchen markets at Hatirpool, Karwan Bazar, Town Hall and Mirpur yesterday, coarse rice sold at Tk 32-33 a kg, Swarna at Tk 34 while Paijam and Lata at Tk 34-35.
The price rose by Tk 7-8 per kg over the week preceding Thursday.
Our correspondent from Rangpur reports: Rice prices came down by Tk 100 per sack (84 kg) on the wholesale markets over the last two days, but the retail price did not reflect it.
Mahiganj Rice Depot Owners Association President Muktar Hossain said prices in the retail markets in Dinajpur did not decrease as the retailers had procured their rice at higher rates before.
In Kurigram and Lalmonirhat districts, the price remained unchanged leaving day labourers and rickshaw-pullers half-fed.
"I can make only Tk 100 a day while I need at least 3 kg of rice every day to feed my six-member family. I could not buy any vegetable for the last seven days as I had to spend all my earnings on rice," said Mostul, a rickshaw-puller from Shahebganj of Rangpur.
Our correspondent from Barisal adds: Coarse Kazla was selling at Tk 31 per kg, Dudhkalam at Tk 32, locally grown (coarse) IRRI at Tk 32 and Balam at Tk 34.
Ashim Saha of Talukder Traders at Barisal Fariapatti said the price has been stable both in wholesale and retail markets since Thursday. "It will start coming down once there are enough supplies."
Correspondents from Sylhet, Chittagong, Bogra and Rajshahi reported that the price in wholesale and retail markets has been quite stable for the last two days.
Retailers of rice and soya bean oil in Khulna said they might give up selling the two commodities to avoid public wrath as prices are spiralling out of the common people's reach, reported our Khulna correspondent.
Meanwhile, our correspondent from Rajshahi said over 3,500 rice mills in the northern districts have long remained idle while many others are facing the threat of closure due to production losses and rising costs.
Same is the condition of some 1,500 mills in Mymensingh, Jamalpur and Sherpur districts.