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Coupled with soaring rice prices, VAT increase looms

People groan under hardship

Published : Tuesday, 7 January, 2025 at 12:00 AM  Count : 575
Mizanur Rahman
Even though it is the full season of Aman in the country, the price of rice is constantly increasing. The market for this daily essential product has been high for more than a month. Bottled soybean oil, broiler chicken, and imported onions are also on the list of price increases.

Meanwhile, the interim government is set to decide on a 15 per cent increase in value added tax (VAT) on at least 43 types of goods and services that currently have low VAT. It is feared that increasing VAT during high inflation may create new spending pressures on general consumers.

Agriculture experts say that if the crop is not significantly damaged by major disasters, the supply of rice increases during this period. Consequently, the market price of rice remains low during the full season of Aman. Market information indicates no shortage in the supply of rice this year either. However, despite this, the price of rice is increasing everywhere from cities to villages. Over the past year, the price of various rice varieties has increased by about 15 per cent.

On Monday, visits to various rice warehouses and shops in the capital revealed that last year, a 50 kg sack of 28 varieties of rice was sold for Tk 3,000. This year, the same sack is being sold for Tk 3,500. Similarly, the price of coarse rice, or guti swarna, was Tk 2,400 per 50 kg sack, now being sold for Tk 3,000. The price of a 50 kg sack of Najirshail rice has increased from Tk 3,200 to Tk 3,700. Overall, the price of a 50 kg sack of all rice varieties has increased by Tk 500 to Tk 600.

Mill owners report that at the mill level, 28-rice (50 kg bags) is being sold for Tk 3,250 to Tk 3,350 per sack. Coarse rice is being sold for Tk 2,750 to Tk 2,800, while Najirshail rice is now being sold for Tk 3,500.

As the rice moves from millers to grocers and wholesale traders, the price at the mill gate is increasing by Tk 200 to Tk 300 per sack. This translates into an increase of Tk 300 to Tk 500 per sack at the retail level, depending on the type of rice.

Despite such a precarious situation in the price of rice, rice traders are blaming each other. Wholesale rice sellers claim that mill owners are responsible for the price hikes. Mill owners, however, blame seasonal traders. Meanwhile, retail traders place the blame on wholesalers.

A visit to the retail market shows that 28-rice is being sold at Tk 72 to Tk 75 per kg. Guti swarna is being sold at Tk 63 to Tk 65, and Najirshail rice is being sold at Tk 80 per kg.

Rice traders attribute the price increases to supply shortages and high paddy prices. The price of rice per sack has increased again by a maximum of Tk 500 to Tk 600, citing shortages during the Aman season. Consequently, traders have to buy it at a higher price and sell it wholesale at a higher price.

Retail traders report that the price of coarse rice per kilogram has increased by Tk 7 to Tk 10 in a month. The price of medium-sized rice per kilogram has increased by Tk 8 to Tk 9 in a week.

Kamal Hossain, owner of Kamal Auto Rice Mill, stated, "Now seasonal traders have stored rice. They are not releasing rice unless they get a higher price. As a result, we have to buy paddy from them at a higher price. We also have expenses. That is why the price is increasing."

Sources indicate that the duty on the import of daily necessities, including rice, pulses, and oil, has been reduced to zero. Additionally, it is being monitored to ensure these products are being imported properly according to demand.

Regarding the increase in rice prices, traders say that the price of rice has increased at the mill level, affecting the wholesale and retail markets. However, millers have claimed that the price of rice has increased due to the rise in paddy prices.

In various retail markets in the capital, it was found that in the span of a week, the price of medium-quality rice, such as Paijam and Lata, has increased by Tk 5 to Tk 10 per kg, depending on the quality. The price of medium-quality rice, such as Paijam and Lata, has increased from Tk 58 to Tk 65, while Najirshail/Miniket has increased by Tk 8 to Tk 9, now being sold at Tk 70 to Tk 84 per kg.

Despite the tax exemption, the price of rice has not decreased. Instead, it has increased, forcing buyers to purchase rice at higher prices.

A rice trader from Mirpur-11 Bazar said, "It is the Aman season, rice is also coming from India, but the market is still high. Millers are raising prices without any reason. They are raising rice prices ahead of Ramadan. Strict supervision is needed at the mill level."


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