Analysis of Recent Rice Price Dynamics in Bangladesh: Causes and Policy Options
Mohammad Chhiddikur Rahman
*
Agricultural Economics Division, Bangladesh Rice Research Institute, Gazipur, Bangladesh.
Md. Abdur Rouf Sarkar
Agricultural Economics Division, Bangladesh Rice Research Institute, Gazipur, Bangladesh.
Md. Abdus Salam
Agricultural Economics Division, Bangladesh Rice Research Institute, Gazipur, Bangladesh.
Jahangir Alam
University of Global Village, Barishal, Bangladesh.
Md. Mosharraf Uddin Molla
Agricultural Economics and Rural Sociology Division, Bangladesh Agricultural Research Council, Dhaka, Bangladesh.
Md. Saidur Rahman
Department of Agricultural Economics, Bangladesh Agricultural University, Mymensingh, Bangladesh.
Syful Islam
Agricultural Economics Division, Bangladesh Institute of Nuclear Agriculture, Mymensingh, Bangladesh.
Mohammad Reza Ahmed Khan
Department of Agricultural Marketing, Dhaka, Bangladesh.
Md. Mahbubur Rahman
Food Planning and Monitoring Unit, Ministry of Food, Dhaka, Bangladesh.
*Author to whom correspondence should be addressed.
Abstract
Rice availability and affordability are the key determinants of food security in Bangladesh. Therefore, it becomes the most important crop for the social and political economy of the country. Although a tremendous technological advancement contributed to the increasing trend of rice production, its affordability threatened due to the increasing price at the consumers’ level. The recent natural calamities and COVID-19 have worsened the food security status across the world. This research has estimated the demand and supply of rice in the pandemic era and figured out the drivers of recent price hike both in the producers’ and consumers’ levels using empirical and cognitive approaches. Based on the findings, some actionable policy options have been suggested to address the price level of rice in Bangladesh towards sustaining food security.
Keywords: COVID-19, demand, food security, market price, rice disposal, supply.