Rice, Sugar Prices Keep On Spiralling Up

The cost of rice and sugar has been on the rise in recent weeks. Over the past month, rice prices experienced an increase, particularly coarse and medium-quality rice, which saw a surge of Tk 2-4 per kilogram in retail markets. Similarly, the prices of packets and loose sugar escalated by at least Tk 5 per kilogram, with traders attributing this rise to a shortage in sugar supply.

Reports gathered from various market areas like Shajahanpur, Malibagh, and Rampura in the capital city indicate a hike in retail prices for different rice varieties. Coarse and medium-quality rice surged by Tk 3-4 per kilogram, while fine rice increased by Tk 2-3 per kilogram. Currently, coarse rice is being sold at Tk 52-54 per kilogram, medium-quality at Tk 59-60 per kilogram, fine rice at Tk 65-72 per kilogram, and Nazirshial rice is priced between Tk 75 to Tk 95 per kilogram.

The general secretary of the Bangladesh Auto Major Husking Mills Association mentioned that although mill owners did not increase the rice price, the retail market observed a rise, emphasizing the need for monitoring the rice market. However, the optimistic news is that rice production is satisfactory this year, and the arrival of new rice into the market is expected to stabilize prices.

Meanwhile, the state-owned Trading Corporation of Bangladesh noted a decrease in the prices of different rice varieties over the past month. On the other hand, both loose and packet sugar prices increased to Tk 140-145 per kilogram from Tk 135-140 per kilogram a week ago, surpassing the government-set prices.

Wholesale sugar prices also witnessed a surge, with allegations of low supply from sugar mills causing the crisis and subsequently driving the price increase. However, despite the wholesale market's price spikes, officials reassured the public that a major crisis is not imminent.

In other market observations, there was a drop in vegetable prices over the last week. Chicken egg prices decreased to Tk 135-140 per dozen, while the cost of Sonali and broiler chickens fell by Tk 10 per kilogram. Local onion prices ranged between Tk 130-140 per kilogram, with imported onions at Tk 100-110 per kilogram. Although the price of potatoes slightly decreased to Tk 50-60 per kilogram, fish and red meat prices remained high.

Arman Hossain, an employee at a private firm, noted a slight decrease in several product prices, although not to the extent observed before.

Additionally, in some of the country's major hubs like Naogaon, rice prices increased by Tk 1-2 per kilogram. Millers' associations attributed this increase to a shortage of old rice, anticipating a decrease in prices once the new harvest entered the market.