The manipulation in the rice market continues unabated, with prices rising by an additional two to four Taka per kilogram over the past week.
This persistent upward trend has left consumers struggling to cope. Retailers attribute the unrelenting price hikes to the influence of powerful syndicates, while economists advocate for strict enforcement of storage regulations as a solution.
In an attempt to stabilize the rice market, the National Board of Revenue (NBR) on October 20 reduced the import duty on rice from 25% to 15%, lowered the regulatory duty from 25% to 5%, and entirely removed the 5% advance tax.
However, as these measures failed to bring down prices, the government took the drastic step of completely eliminating import duties on October 31.
Despite these efforts, the market remains unaffected. Even during the peak Aman rice harvest season, when supply is abundant in wholesale and retail markets in the capital, prices continue to climb.
Retailers report that the most sought-after varieties, Miniket and Nazirshail, have seen an increase of 2 to 4 Taka per kilogram over the past week, adding up to a cumulative rise of 8 to 10 Taka in just three weeks.
Consumers have voiced their concerns, urging the government to take decisive action to regulate the market. Nasim, a frustrated buyer, remarked, “The price of rice keeps rising daily, impacting consumers across all income levels. The syndicates of hoarders must be dismantled.”
Retailers, however, argue that the surge in prices over the past 15–20 days is beyond their control. They call on the government to scrutinize the stock records of corporate groups and millers to curb unjustified price increases and protect the public.
At the Barishal Rice Agency in Karwan Bazar, Miniket rice is being sold at 80 Taka per kilogram, Atash at 58–60 Taka, coarse Swarna at 52–56 Taka, and Nazirshail at 76–82 Taka.
Polao rice is priced even higher, at 116–118 Taka per kilogram.
Interim government advisors have also acknowledged the gravity of the situation. On Thursday, January 9, Commerce Advisor Sheikh Bashiruddin stated that the government is working to stabilize the market ahead of Ramadan. He admitted, however, that the government lacks a quick fix to resolve the issue overnight.
"While there is some concern about the rice market, other products remain stable, and there is no shortage of rice stocks. Traders are being encouraged to import rice, and the import duty has been reduced from 63% to 3%. The market is expected to stabilize once the Boro paddy harvest begins in April," he added.
Economists, meanwhile, recommend moving beyond superficial measures and enforcing strict storage regulations to tackle the problem. Dr. Mahfuz Kabir, an economist, emphasized, “Strict implementation of storage laws is the most effective way to control the market. Claiming to investigate or take action without results won’t suffice. Punishing a few dishonest millers will set an example and deter others.”
In a related development, prices of fruits such as apples, grapes, dragon fruit, and oranges have surged by up to 100 Taka per kilogram in the last week. Retailers attribute this hike to discussions about increased tariffs, causing a week-long escalation in imported fruit prices.
Meanwhile, grocery sellers report that although cardamom prices remain high, there has been no new increase in the prices of lentils, flour, or sugar. However, edible oil prices continue to be a concern, with rising costs indicating potential future hikes.