After remaining stable for a long time, the rice market in Satkhira has become unstable with a sudden surge in price of the staple.
Price of per sack (60 kgs) of rice has increased by Tk140 to Tk160 at wholesale level even though it is peck season for the item.
Per maund (37.3kg) of rice is now selling at Tk100-Tk 150 higher price, says a UNB report.
Trade sources linked the sudden rise in rice price to the suspension of open market sale scheme of the government, which caused an increase in demand for low-cost coarse rice in market and pushed its price up.
Several thousand maunds of rice are traded everyday at Jhaodanga Bazar of Satkhira sadar upazila, which is the biggest wholesale grain market in the district.
Karim Auto Rice Mill is one of about 200 small and big wholesale rice shops in this market, where a 60kg sack of boro 28 rice is selling at Tk1,290. Fine variety miniket rice sells at Tk1,400.
Coarse rice varieties are selling for Tk1,040 per sack.
Three weeks ago, boro 28 rice sold at Tk 1,150 per sack, miniket at Tk 1,280 and coarse varieties Tk950.
Proprietor of Karim Auto Rice Mill Jonaem Naser Duek said after remaining steady for a long time, price of rice has gone up. He said price of rice has suddenly increased due to stoppage of its open market sale by the government.
Another rice trader Abdul Karim said if he could earlier assumed the sudden rise in the rice price, he would have bought more rice and stored it.
He did not build up enough stock this harvest season as he had suffered loss from a huge stock of rice last season due to lower price.
Rice trader Rafiqul Islam at Jhaudanga market said the price of rice has increased several times in the past two weeks.
He apprehended that the price might increase further. Satkhira district agriculture extension officer Akmal Hossain said at least farmers will be benefited with fair price for the increase in rice price.