Rice prices down compared to last year, says Governor Mansur

He urges patience on inflation, says policies need time to show results

Governor Ahsan H Mansur has claimed that rice prices in Bangladesh are lower than those in many other countries.

During a meeting at the Secretariat on Thursday, Mansur said the price of rice per Kg is now Tk 6 less than the same time last year.

The governor said, "The price of rice is higher in the local context, but it is now Tk 5 to Tk 6 cheaper than last year. Even compared to global prices, rice in Bangladesh is more affordable.”

Mansur said despite the removal of import duties, no one is importing rice.

"Even if rice is imported from India, the costs are higher than in Bangladesh. This means that the domestic supply in the rice market is not bad; the current price level is likely to remain stable," he added.

He continued, "The price of rice is not at its highest level in Bangladesh; in fact, it is at one of its lowest points compared to international prices. Last year, it reached Tk 65 per kilogramme.”

The statement came on the same day that the state-run Trading Corporation of Bangladesh, or TCB, published its report on rice prices, showing a rise in the prices of different rice varieties.

According to the report, the price of coarse rice has increased by 9.67 percent compared to last year, while medium rice prices are up by 16 percent.

The overall price of rice is now 7 percent higher than it was during the same period last year.

The governor said, "We also want rice prices to come down. However, we must consider the farmers as well. The cost of farming inputs has increased, and overall expenses have risen. These factors need to be taken into account.”

“It would not be realistic to expect a significant drop in rice prices in the future," he added.

‘HAVE TO BE PATIENT FOR 18 MONTHS’

Mansur said it may take about a year and a half to bring inflation down to single digits.

He added, "In countries where inflation reached similar levels to Bangladesh, it took the same amount of time for inflation to decrease."

"Experience from various countries shows that despite tightening monetary and fiscal policies, it has taken 12 to 18 months to control inflation,” said the governor.

He added, “Therefore, we must remain patient. We need to give time for the policies to be implemented. This is not a matter of two or three months."