Rice prices increase amid floods, virus

Prices of almost all rice varieties have increased by up to Tk 3 per kg in Dhaka in a space of 20 days amid floods and the coronavirus pandemic, reports bdnews24.com.
Mill owners blamed it on a paddy price hike. But the traders in the capital could not say why prices rose despite a good harvest.
Rice prices started spiralling in early August. Until Saturday, the prices rose by at least Tk 150 per 50kg, while prices fell by Tk 300 a year ago.
Traders in Mirpur sold Miniket rice at Tk 2,500 to Tk 2,600 per 50kg sack, Nazirshail at Tk 2,550 to Tk 2,600, Paijam and Katari Bhog at Tk 2,300 and BR-28 at Tk 2,150 to Tk 2,200.
"I don't understand why rice prices surged at a time when the harvest was good," said Mohiuddin Harun, a wholesaler.
The government has allowed traders to import rice to boost supply as floods damaged crops, but the traders were not very keen, he said.
Rafiqul Islam, president of Naogaon District Rice Mill Association, said they had to raise the prices by the end of July because they bought paddy at high prices. One maund or 37.42kg of paddy costs Tk 1,100 to Tk 1,120 now.
The retail price of fine rice varieties, Nazirshail and Miniket, was Tk 55 to Tk 74 per kg on Saturday, up from Tk 50 to Tk 72 a week ago, according to the Trading Corporation of Bangladesh or TCB.
Prices of medium category rice -- Paijam and Lota -- rose to Tk 48-54 per kg on Saturday from Tk 44-50 a week earlier.