Bangladesh News

With an increase in supply of rice, prices of coarse varieties on wholesale markets in the capital came down a little yesterday, but no impact of it was seen on retail markets.

Importers however said there is no possibility of rice prices coming down in the near future, as they are currently importing rice at hiked up prices of $505 to $510 a ton, up by more than $80 a ton from the prices they paid a week ago.

Meanwhile, prices of other essentials including fish, beef, mutton, edible oil, and sugar also shot up further on different markets.

Visiting Karwan Bazar and Mohammadpur Krishi Market yesterday, it was found by The Daily Star, although wholesale prices of Indian rice came down by Tk 30 to Tk 40 a maund, interestingly on retail markets the prices went up by Tk 1 a kilogram (kg).

Indian swarna that had been sold for Tk 1,120 a maund two days ago was being sold for Tk 1,070 to Tk 1,080 a maund yesterday. Local coarse rice guti which had been sold for Tk 1,050 to Tk 1,060 two days ago was being sold for Tk 1,020 to Tk 1,030 yesterday.

Coarse rice was being sold for Tk 30 to Tk 33 a kg on retail markets yesterday which had been sold for Tk 28 to Tk 30 last week, while prices of fine rice leapt to Tk 35 to Tk 45 a kg from Tk 34 to Tk 44 a week ago.

Retailers said they were not being able to sell rice at lower prices in line with the decrease in prices on wholesale markets yesterday, because they had bought the rice they were selling at higher prices from the wholesalers two days ago.

Nizam Uddin, general secretary of Badamtoli and Babubazar Rice Wholesalers Association, said prices of coarse rice have been fluctuating for the last month and a half without any interference from the traders.

He also said the last two days’ fall in wholesale prices of coarse rice is bound to be temporary. “I think the price fall will not sustain, because prices of Indian rice have gone up again.”

Wishing anonymity an importer said there is no chance of rice prices coming down in the near future since the Indian government is insisting on opening of new Letters of Credit (LC) with higher prices.

Halt in rice export for three days by India resulted in a price hike of coarse rice by Tk 50 to Tk 100 a maund on wholesale markets in the capital last week.

Meanwhile, prices of various kinds of fish have also been shooting up in the city over the past two weeks in the wake of bird flu outbreak across the country. Prices of fish went up by Tk 20 to Tk 100 a kg on several kitchen markets during the period.

Fish traders at Karwan Bazar said fish prices went up since the panic of bird flu had gripped the city residents, and because most of them are now buying fish rather than poultry.

Prices of beef and mutton also have been shooting up over the same period. Price hike of fodder for livestock also contributed to the price hike of meat.

Price of sugar also jumped to Tk 33 to Tk 35 a kg last week from Tk 29 to Tk 30 of the previous week on retail markets.

Soybean oil was being sold for Tk 98 to Tk 108 a litre on retail markets yesterday which had been sold for Tk 94 to Tk 100 a week ago. Keeping up with the pace, prices of palm oil and super palm oil also went up. In Bangladesh Rifles (BDR) set up fair price markets, prices of soybean oil rose by Tk 6 a litre over the past week.