PM too suspects market manipulation for spiralling rice prices

Prime Minister Sheikh Hasina suspects foul play by rogue traders for the soaring rice prices of late.

Speaking on budget discussion in the parliament on Wednesday, she said there was no fear of food shortage in Bangladesh as the reserve now is over 10.65 million tonnes, 188,000 tonnes of which are in government silos.

"Rice prices have risen slightly due to destruction caused by rains in the Haors. And there might be manipulation by some unscrupulous businessmen," she said.

The government has been facing criticism for months for the hike in rice prices.

Government data are often lower than market prices, but even these show a 47 percent rise in the price of coarse rice while the fine variety saw around 20 percent hike in a year.

Hasina said the government has moved to bring down the prices. "We've cut the duty on import of rice. So fresh food consignments will come into the country now." 

The prime minister, however, found a positive in the hiked rice prices. "The farmers have got the fair price this time," she said.