Despite normal rice supplies, rumors linked to floods and heavy rainfall are driving up prices in the market. Even though paddy prices have dropped, wholesale rice prices have increased by 4-8 BDT per kg over the week, with retail prices climbing even higher, by 6-10 BDT per kg in neighborhood markets. For instance, BRRI-28 rice now sells at 60-64 BDT per kg wholesale, compared to 58-60 BDT a week ago. Retail prices have risen from 60-65 BDT to 65-68 BDT per kg. Similarly, Miniket rice has increased from 70-72 BDT to 75-78 BDT wholesale and from 80-85 BDT to 85-88 BDT retail. Other varieties, such as Nazirshail and BR-29, have followed similar trends.

Traders at Dhaka’s Karwan Bazar cited vague reasons like supply disruptions due to floods, though they acknowledged that price hikes are atypical for this time of year. Some blamed mill owners for limiting supply to create artificial shortages, causing a surge in prices. Others pointed out that despite adequate imports, including 73,000 tons from India, the lack of market monitoring allows unscrupulous traders to exploit the situation. This has led to widespread discontent among consumers, who argue there’s no genuine reason for these price increases.

Farmers, on the other hand, are struggling as paddy prices have decreased significantly in major markets outside Dhaka. For example, in Patuakhali’s Bauphal area, the price of coarse paddy dropped by 150-200 BDT per maund in a week, leaving farmers unable to cover production costs. Similar trends were observed in Naogaon, where paddy prices declined by 120-150 BDT per maund across different varieties. This disparity between falling paddy prices and rising rice costs highlights systemic inefficiencies and exploitation in the supply chain, exacerbated by poor market regulation.