Steps needed to check price rise

Although the government has imported rice from international market but the price of rice is increasing instead of decreasing. The imported price is now selling at Tk 2,100 to Tk 2,150 per sack against the rate of Tk 2,050 few days ago. That means the prices of rice decreased by Tk1 to Tk2 per kilogram. However, the wholesale price of coarse rice was Tk 40-41 per kg earlier. But, the rate has increased Tk 1 to Tk 1.5 per kg.

Earlier, the government had slashed import duty on rice following the continuous price hike. Side by side, the authority also decided to import rice in government and private level. Finally, the imported rice is being sold at local market. But, the rice price is not decreasing yet. People are already suffering as the price of daily commodities up. Besides, the price of rice has made the life difficult. A solution is must in this regard.

In the wake of constant rise in prices of rice in local market, the government declared to import 2.5 lakh metric tonnes of rice from Vietnam, cut the import taxes, gave scope to businessmen to open Letter of Credit (LC) for rice import with a zero balance. After taking all these steps, the rice market should be stable.  Unfortunately, after a few days of stability, the price started to rise again.

The rice traders blamed transport problems behind the rice price hike. They said that rice trucks face huge traffic jam during rice transport from India. The wastes of time on the way during import increase the price of rice. That’s a major cause behind the recent price hike.

People of limited income are in extreme difficulty due to price hike of rice. These people spend most of their income on rice. The low income people or fixed earners face serious trouble as the rice is essential to live. People are bound to buy rice to stay alive whatever the price is. That’s why low income people suffer most. An immediate action is must here.

We hope that the government will take effective steps to stop the trend of price hike. If any syndicate works behind the rice price hike then the authority should ensure harder action punishing them. The price of rice should be kept in purchasing capacity of general people.

There is a huge stock of rice in the country but why the price is increasing? Immediate action should be taken to find the reason behind. Side by side, powerful, effective and time-befitting initiative is needed to control the market.



risingbd/Dhaka/Aug 7, 2017/Ali Nowsher/Nasim