Prices of low- and high-grade rice on steep rise in domestic market

Low- and high-grade rice prices hiked up in the Yangon rice market in post-Chinese New Year, U Shwe Hla who runs a rice business in the Bayintnaung market told the GNLM.
The price per bag of low-grade rice skyrocketed by K3,000 and that of high-quality rice by K5,000-K7,000.
At the Yangon rice market on 25 January, the prices per bag of new high-grade rice are K78,000-K84,000 for the Shwebo Pawsan variety, K65,000-K67,000 for the Pathein-Myaungmya Pawsan variety and K63,000-K65,000 for Pyapon Pawsan variety respectively. In addition, old Shwebo Pawsan and Pathein-Myaungmya Pawsan varieties were valued at K93,000-K107,000 and K67,000-K70,000 per bag, but it is said that they cannot be bought wholesale. The old Pyapon Pawsan varieties are less common in the wholesale market and only be seen in the retail market.
A bag of low-grade rice was worth roughly above K46,000, which increased from the previous price of around K42,000. The new Pawkywe rice was sold at K55,000 per bag and the price of the old low-grade 90-day rice variety rose to around K60,000-62,000 per bag.
According to the rice market, the advance payment for the purchase of rice in some cases was returned instead of delivering rice, due to the sharp rise in rice price.
The price of broken rice encountered a slight decrease these days. A bag of broken rice was traded at only K41,400-K41,500 for large variety, K41,200-K41,300 for 1-2 variety and K40,900-K41,000 for 2-3-4 variety.
Rice, palm oil, chilli pepper, sugar and onion were the most profitable commodities for the hoarders in 2022. At the beginning of 2023, the prices of palm oil and rice became a burden for consumers as the prices increased.
However, it will bring a lot of benefits for hoarders who aim for profits. A market analyst said that the fact that the price of goods rises due to demand, is actually because of the demand from wholesalers, rather than buying for consumption. — TWA/CT

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