Rice prices jump again

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FE Report
Prices of coarse varieties of rice rose at wholesale level mainly due to season-end and suspension of rice import from India, market operators said.
They also said the prices of finer quality like Miniket and Nazir Shail rose considerably following the price hike of coarse varieties.
As of Saturday, Pari, an Indian variety is now selling between Tk 1204 and Tk 1220 per maund, up by Tk 80 each maund.
Swarna, another coarse variety is being sold at Tk 1140 each maund, up by Tk 90 each maund.
Miniket variety is being sold between Tk 1520 and Tk 1560 each maund at wholesale level while Nazirshail is being sold between Tk 1370 and Tk 1500 each maund.
While talking to the FE, Nizam Uddin, president of Babubazar-Badamtoly wholesale rice merchants association, said the prices of coarse varieties rose following end-of-season period and suspension of rice import by India.
"We are expecting the prices will go down soon after the new harvest," Nizam added.
Traders said there is adequate stock of rice at the wholesale level in Dhaka and the supply will last for sometime.
Rahmat Ullah, proprietor of Alla'r Dan Rice Agency at Jatrabari wholesale market told the FE that they have sufficient stock, enough to meet the demand for the next few weeks.
"Those who have been procuring rice over the past two days, are buying it at higher prices. But, the number of such wholesalers are few in number in Dhaka," Rahmat added.
Swpan Mian, owner of Nahid Auto Rice Mill at Shantahar in Bogra, a miller, said the prices of Miniket and other local varieties will go down sharply by next two to three weeks when harvest of paddy begins.