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Domestic rice prices up by K2,000 per bag

The rice prices in domestic markets have increased by K2,000 per bag, said U Than Oo, secretary of Bayintnaung Rice Wholesale Centre. At present, rice worth K32,000-35,000 per bag is highly demanded in the market. The prices of high-quality rice move in the range of K27,000-35,000 per bag. The figures show an increase of K2,000 per bag.

It is expected that the rice fetches at a lower rate before Thingyan Festival (Myanmar New Year Festival in April). Shortly after that, the price usually goes up. During the early monsoon, the rice stocks are commonly found in the hands of millers instead of farmers. Consequently, the price hike occurs amid low supply. The rice prices usually hit a peak in Thadingyut and Tazaungdaing festivals (Oct-Nov). When the newly harvested rice enters the market, the price declines.

The price is unlikely to fall this month, Bayintnaung Rice Wholesale Centre reported. The price possibly remains high for now. The farmers also set the rice crops higher. The demand in the retail market is not that good. The export is not strong as well. As a result, the sharp price hike is not expected amid the low demand. About 80,000 rice and broken rice bags were earlier traded per day at the Bayintnaung Rice Wholesale Centre. In contrast, the trade volume plummeted to about 30,000 bags at present.

Source: The Global New Light of Myanmar

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