The prices of rice and edible oil continued to rise in the city's wholesale and retail markets last week hitting people's pockets.
According to trading sources, the prices of common course rice, medium variety and common finer varieties increased by Tk 2.0-Tk 3.0 per kilogram in a week based on their quality.
Course rice price went up to Tk 48-Tk 52 per kilogram, medium variety to Tk 55-Tk 60 and common finer varieties to Tk 65-Tk 80 a kg.
However, the refiners raised the prices of edible oil again. The price of soybean oil hit Tk 142 a litre last week.
Rice prices increased by Tk 60-Tk 100 per 50-kg sack at the milling hubs in last one and a half weeks, according to Bangladesh Auto Major Husking Mill Owners Association (BAMHMOA).
Millers and wholesalers were trading both imported and local Guti Swarna at Tk 42-Tk 43.5 a kg last week.
Medium variety of BRRI dhan-28, Swarna-5 varieties were retailing at Tk 46-Tk 48 a kg at mill gates.
Based on its quality, Miniket rice was wholesaling at Tk 59-Tk 63 a kg at mill gates.
Imported Najirshail (Haryana super) variety of rice was sold at Tk 68-Tk 70 and local Najirshail at Tk 70-Tk 72 a kg at wholesale level.
Hazarat Ali, a Nilphamari-based trader, said the prices of both imported and local coarse rice are now almost the same.
Imports of rice could hardly help ease prices, he added.
Rezaul Haque, a Dinajpur-based trader, said import duty is still much higher while prices have also surged by 5.0-6.0 per cent in India with the start of import by Bangladesh.
Import duty should be reviewed again as the country witnessed a production loss in the Aman season, he said, adding that import cost of coarse rice is above Tk 43 a kg in February. "It has still been rising."
Mr Haque also said Boro harvest will begin from May.
Until the arrival of new harvest, he said, rice prices might continue to rise if import duty is not reviewed immediately.
A latest study conducted by Food and Agriculture Organization said the rice price index increased by 2.6 per cent in January 2021 to reach 114.3 points.
The index value marked a seven-month high, standing 10.6 per cent above its year-earlier level, said the study report published in February.
Meanwhile, the government of Bangladesh and the private sector imported 0.13 million tonnes of rice mainly from India in last five weeks, according to the food ministry.
The private sector has already got approval to bring in 1.0 million tonnes of rice from global sources.
Value chain expert Prof Golam Hafeez Kennedy said import only benefits millers. "Most of the importers are also millers and the prices of both imported and local produce are depending on their consensus."
The government has set a cap on import of 1.0 million tonnes by the private sector and kept 25 per cent of duty when global prices started rising, he added.
Mr Kennedy further said the volume of imports should be increased after reviewing duties for next two months due to a decline of 1.5-2.0 million tonnes of production in the Aman season. According to a Bangladesh Rice Research Institute (BRRI) study, rice production declined by 10 per cent in 2020 amid several spells of flooding. Edible oil prices also witnessed further hike last week.
Half litre jar of soybean oil of different companies has been fixed at Tk 71 last week. One litre jar was Tk 140 and five-litre jar Tk 650-Tk 670.
Loose soybean was traded at Tk 120-Tk 125 a litre while super palm oil at Tk 110-Tk 115 per litre-a Tk 3.0-Tk 4.0 hike.
Md Belal Hosaain, a grocer at Madhubazar in Dhanmondi-15, said prices of edible oil have been rising for four or five days. Meanwhile, the prices of broiler chicken increased further by Tk 10 a kg as sold at Tk 140-Tk 155 a kg on Thursday.
