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The price of rice is increasing. At the retail level, the price of rice has increased by Tk 2 to 6 per kg. The price of rice cannot be brought down in any way. On the pretext of flood relief, most of the rice, including Atash, is being sold at an additional price of Tk 2 to 3 per kg.
Besides, the price of rice in the world market is higher than that of the country. As a result, the possibility of import is also less. The rice market may remain volatile till October. However, the price of rice may come down when the harvest starts in November. This information came out in the quarterly report on grain food of Bangladesh from USDA.
Recently, the organization highlighted such information in its quarterly report on Bangladesh Grain and Feed Update, August 2024.
According to the report, rice production may decrease by 3 percent this year than the target due to the heavy loss of rice due to floods in Chittagong, Barisal, and Sylhet. The production of rice in this financial year is maybe 3 crore 68 lakh tonnes. Paddy has grown on 1 crore 15 lakh hectares of land, which is 3.5 percent less than last year. The annual total demand for rice is more than 3 crore 70 lakh tons.
As of September 4, 2024, 14 lakh 81 thousand tons of rice are currently stored in government warehouses. Although this stock is less than last year, according to government sources, this stock is enough for the next three months.
According to the USDA report, the government has no account of how much rice is stored in private warehouses and traders. However, according to USDA observations, there is a slight shortage of rice in the market. All in all, the country's rice market will remain unstable for two months. Then it will gradually become normal.
Source: Online/GFMM
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