Meet to draw battle plan on price spiral today
Monday, 5 November 2007
Naim-Ul-Karim
A high-level meeting of the government will be held today (Monday) to discuss the ways and means to rein in the soaring prices of the two most essential food grains--rice and wheat.
Sources said the meeting will discuss the mechanism of import of rice and wheat from alternative sources at lower costs as neighbouring India has imposed an embargo on export of the commodities recently.
"We'll basically discuss the price situation of the two most essential commodities--rice and wheat-- in the meeting," Feroz Ahmed, secretary of the Ministry of Commerce, told the FE Sunday.
Apart from discussing price-related issues, sources said, the meeting will also discuss the state of buffer stocks of these food grains, the prices of which have recorded a significant rise at the fag end of the year.
Market sources said prices of rice and onion and coarse flour recorded a significant rise in the country mainly due to an embargo on export of some essential commodities by the Indian government recently.
Besides, they said the devastating flood that hit about 39 districts also contributed to the skyrocketing prices of the essentials in the lean season of paddy.
During the last week, at the wholesale level, the Minicate variety of rice was selling at about Tk 1,150 per maund (37.50 kg) against its previous rate of Tk 1,080 per maund one month ago. The Nazirshail variety of rice was selling at Tk 1,320 per maund compared with its previous rate of Tk 1,250 per maund, Indian Swarna was selling at Tk 870 per maund compared with its previous rate of Tk 830 per maund, BRRI Tk 830 per maund compared with its previous rate of Tk 760 per maund, and the Lata variety of rice at Tk 910 per maund against the previous Tk 850 per maund.
At the retail level, prices of coarse rice ranged between Tk 26 and Tk 27 and the finer variety of rice ranged between Tk 35 and Tk 40 per kg, traders said.
Besides, during the last one week prices of various brands of coarse flour ranged between Tk 38 and Tk 39 per kg against Tk 33-Tk 34 per kg of the previous week.
According to statistics of the state-owned agency Trading Corporation of Bangladesh (TCB), prices of different varieties of rice increased by about 33 per cent compared to those of October last year.
On the other hand, prices of coarse flour increased by about 78 to 82 per cent compared to those of the corresponding period of the previous year.
Sources said the meeting will scrutinise why the prices of rice and wheat increased to a large extent despite an import surge of the same in the last few months.
They said quoting the Bangladesh Bank statistics that rice import increased by about 50 per cent to more than $72 million in September from about $46 million in August.
On the other hand, sources said import of wheat also marked an increasing trend in the three months to September. Wheat worth $50 million was imported during September this year.
Against the backdrop of the mounting sufferings of the people, sources said, the meeting will suggest some pragmatic measures to the government for implementation at the earliest to rein in the prices.
Adviser for the Ministry of Food and Disaster Management Tapan Choudhury will preside over the meeting to be attended by secretaries of the five ministries concerned.
A high-level meeting of the government will be held today (Monday) to discuss the ways and means to rein in the soaring prices of the two most essential food grains--rice and wheat.
Sources said the meeting will discuss the mechanism of import of rice and wheat from alternative sources at lower costs as neighbouring India has imposed an embargo on export of the commodities recently.
"We'll basically discuss the price situation of the two most essential commodities--rice and wheat-- in the meeting," Feroz Ahmed, secretary of the Ministry of Commerce, told the FE Sunday.
Apart from discussing price-related issues, sources said, the meeting will also discuss the state of buffer stocks of these food grains, the prices of which have recorded a significant rise at the fag end of the year.
Market sources said prices of rice and onion and coarse flour recorded a significant rise in the country mainly due to an embargo on export of some essential commodities by the Indian government recently.
Besides, they said the devastating flood that hit about 39 districts also contributed to the skyrocketing prices of the essentials in the lean season of paddy.
During the last week, at the wholesale level, the Minicate variety of rice was selling at about Tk 1,150 per maund (37.50 kg) against its previous rate of Tk 1,080 per maund one month ago. The Nazirshail variety of rice was selling at Tk 1,320 per maund compared with its previous rate of Tk 1,250 per maund, Indian Swarna was selling at Tk 870 per maund compared with its previous rate of Tk 830 per maund, BRRI Tk 830 per maund compared with its previous rate of Tk 760 per maund, and the Lata variety of rice at Tk 910 per maund against the previous Tk 850 per maund.
At the retail level, prices of coarse rice ranged between Tk 26 and Tk 27 and the finer variety of rice ranged between Tk 35 and Tk 40 per kg, traders said.
Besides, during the last one week prices of various brands of coarse flour ranged between Tk 38 and Tk 39 per kg against Tk 33-Tk 34 per kg of the previous week.
According to statistics of the state-owned agency Trading Corporation of Bangladesh (TCB), prices of different varieties of rice increased by about 33 per cent compared to those of October last year.
On the other hand, prices of coarse flour increased by about 78 to 82 per cent compared to those of the corresponding period of the previous year.
Sources said the meeting will scrutinise why the prices of rice and wheat increased to a large extent despite an import surge of the same in the last few months.
They said quoting the Bangladesh Bank statistics that rice import increased by about 50 per cent to more than $72 million in September from about $46 million in August.
On the other hand, sources said import of wheat also marked an increasing trend in the three months to September. Wheat worth $50 million was imported during September this year.
Against the backdrop of the mounting sufferings of the people, sources said, the meeting will suggest some pragmatic measures to the government for implementation at the earliest to rein in the prices.
Adviser for the Ministry of Food and Disaster Management Tapan Choudhury will preside over the meeting to be attended by secretaries of the five ministries concerned.