Increase rice stock, lower prices

The rice-dependent Bengali people have long faced recurrent rice crises. Whether due to natural calamities like floods and droughts, or political instability, the uncertainty of having a full plate of rice twice a day has often become a source of distress. Rice is not just a staple food but is deeply woven into the cultural fabric. Many feel incomplete if they miss even one meal of rice, despite a day filled with other good foods. For Bengalis, a rice shortage is more than just a scarcity; it’s a humanitarian crisis.

As a result, any news of rising rice prices causes immediate concern. Recently, the price hike has sparked unease across all quarters. With the prices of daily essentials already high, this added burden on rice affects not just lower-income families but the middle class as well, leading to financial strain.

On October 30, a report in the newspapers highlighted that rice prices are on the rise. The alarming news revealed that recent heavy rains and flooding from upstream countries like India have damaged the Aman rice crop, potentially affecting production by about 839,000 tons. The Directorate General of Food also stated that its rice stock has now dropped below 1 million tons, down from around 1.45 million tons on August 15. As the government has increased distribution, stocks have dwindled. At this rate, a shortfall of around 1.1 million tons could emerge by July next year. Considering the security reserves and potential shortfall, an import of 1 million tons of rice is necessary. The private sector should also be encouraged to increase imports.

The Tariff Commission's report, citing the Trading Corporation of Bangladesh (TCB), indicates that rice prices are now 7–10% higher than the same period last year, with a 2% increase over the past month alone. TCB reports that coarse rice now costs 52 to 55 taka per kilogram, medium rice is 58–63 taka, and fine rice sells at 72–80 taka per kilogram. Over the past week, rice prices have risen by 2 to 8 taka per kilogram, with the lowest price of fine rice rising by 8 taka to reach 72 taka.

TCB further notes that since the interim government took charge on August 8, prices of coarse rice have increased by 2 taka, medium rice by 4 taka, and fine rice by 12 taka per kilogram. In many Bangladeshi families, rice is consumed at all three meals. Larger families require 3–4 kilograms daily, and with rising prices, many families are undoubtedly struggling, especially with other rising commodity prices.

A significant portion of poor families' food expenses is allocated to rice. This price increase is happening at a time when cooking oil, sugar, vegetables, eggs, and chicken prices are also high. While people can forego other costly items, skipping rice is not an option for most, as rice is essential. Alternative staples like wheat flour are also expensive. So where can people turn?

Rice is a sensitive commodity for the government. Whether through increased production or imports, the government must boost rice reserves and bring down prices. We urge immediate action to increase rice stockpiles and lower prices. There is no other option – people cannot be deprived of their right to have rice.