Khaja Nagar in Kushtia, Bangladesh’s second-largest market, is grappling with a significant surge in rice prices, witnessing an uptick of Tk4 per kg across all varieties.
Over the past 10 days, almost every type of rice has experienced a price hike, leaving retailers to grapple with higher purchase costs and increased transportation expenses.
Market insiders reveal that the price of fine rice and other varieties had already increased by Tk3 per kg in September and October of the previous year due to various factors. Shockingly, within just two months, the prices of all rice types have risen by up to Tk4 per kg in the retail market.
This marks the third increase in rice prices in Kushtia since the conclusion of the current Aman season. A visit to various markets in Kushtia revealed that Miniket rice, previously priced at Tk56, is now selling at Tk60. Similarly, Kajal Lata rice, which was Tk48 a few days ago, is now priced at Tk52 per kg. Coarse rice has surged to Tk50 per kg, and Swarna rice is now priced at Tk48 per kg.
Concerns have been raised by several buyers who claim that traders and mill owners might be stockpiling rice to artificially inflate prices.
Atiar Rahman, a rice seller in Mirpur Bazar, Kushtia, attributes the rise in rice prices to the increased cost of paddy. Meanwhile, Joynal Abedin Prodhan, the general secretary of the Bangladesh Auto Major and Husking Mill Owners’ Association (Kushtia branch), points out that rice prices have been on the rise since December, with the cost of paddy per maund surging by Tk180-200.
Market regulators are now investigating potential profiteering practices. Sujat Hossain Khan, senior agricultural marketing officer overseeing Kushtia Municipal Market, emphasizes that a thorough examination of sale prices in comparison to the mills’ paddy purchase and threshing costs is underway. Strict actions will be taken against those found making unjustified profits.
