Rice price rises by K2,800 per bag in maximum within one month

The prices of rice have risen by K800 to K2,800 per bag within a month, along with the spike in other commodity prices, as per the domestic market’s data.
On 1 August, the prices of rice moved in the range of K27,500-K42,100 per bag depending on the quality and varieties of the rice, whereas the prices surged to K29,100—44,900 per bag on 31 August.
The figures showed a gap of K800 to K2,800 per bag depending on the varieties of the rice.
The staple rice price has gradually increased from the previous months. The prices of rice have stayed in the upward trend since May.
Furthermore, as per the 2020 rice price data, the price of staple rice usually increases in the rainy season. Consequently, the price gain is expected during the monsoon season of this year.
Additionally, the restriction measures to contain the spread of COVID-19 and natural disasters affected the prices. The price is expected to remain bullish in the coming months. – NN/GNLM