Rising food prices despite in Bangladesh
Rising food prices despite record stocks defies analysis
The food stock of Bangladesh has reached a new height of 20 lakh tons, with warehouses full of rice and wheat. Despite that, food prices are soaring.
Market analysts and Food Ministry officials are mystified as to the reason behind food prices soaring in the domestic markets.
According to the daily food grain situation report of the Ministry of Food, the total food grain stock in the country on February 9, 2022 was 20.02 lakh tons. Of this, the stock of rice was 16.94 lakh tons, wheat 2.77 lakh tons and 49,000 tons was paddy.
Whereas the secure food stock level for the country is 10 lakh tons, the stock of food grains crossed 20 lakh tons.
Past data shows that there has never been such an official stockpile of rice earlier. At this time last year, the amount of food grains stored in the government warehouses was 7.21 lakh tons. Of this, the stock of rice was 5.37 lakh tons, which was the lowest in a decade.
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Citing "current stock is satisfactory", the report said that aman paddy, rice and wheat procurement activities were being conducted from domestic sources and stocks of food grains were recorded due to import of rice from abroad.
Despite good yields of aman and record production of paddy in the last boro season, several markets in the capital were visited recently which showed that the price of rice (old) is rising.
According to the trading corporation of Bangladesh (TCB) coarse rice was sold at Tk 46 to 48 per kg in the capital's markets on Wednesday, February 17. It showed that prices have risen by 4.35 percent in one year. A fine variety of rice (Miniket-Nazirshail) has been sold at Tk 60 to 67 per kg. In a year it has increased by 7.6 percent.
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