Rice prices stable despite rise in other commodity prices

The foreign exchange rate against the US dollar and the pure gold price has inched higher than the reference prices since early August 2022.
However, the rice market sees a flat price at the end of August as rice has self-sufficiency declared by the related department, monsoon paddy is harvested and the majority of the locals have stocked Pawsan, according to the market report.
The prices of high-grade rice went up in early August. Some low-grade rice prices climbed in mid-August. Nevertheless, the prices of high-grade and low-grade rice varieties showed no movement at the end of the month, Ko Naing Swe, who is involved in the rice warehouse at the Bayintnaung Wholesale Market, told the Global New Light of Myanmar (GNLM).
In early August, the wholesale rice prices per bag were K88,000 for Pawsan from the Shwebo area, K65,000 for Pawsan from Myaungmya and Pathein areas, K62,000 for Pawsan from the Pyapon area, K57,000 from Bogale and Mawgyun areas, K46,000 for Pawkywe variety, K45,000 for short matured rice (90 days) and K34,000 for rice grown under multiple cropping.
The retail prices of Pawsan varieties under the door-to-door system were K70,000 from Myaungmya and K67,000 from Pyapon.
‌The wholesale rice prices per bag slightly rose to K90,000 for Pawsan from the Shwebo area, K68,000 for Pawsan from Myaungmya and Pathein areas, K64,000 for Pawsan from the Pyapon area, K60,000 from Bogale and Mawgyun areas, K50,000 for Pawkywe variety, K47,000 for fast matured rice (90 days) and K38,000 for rice grown under multiple cropping in mid-August.
At the end of the month, the prices stood at K91,000 for Pawsan from the Shwebo area, K70,000 for Pawsan from Myaungmya and Pathein areas, K67,000 for Pawsan from the Pyapon area, K63,000 from Bogale and Mawgyun areas, K54,000 for Pawkywe variety, K50,000 for short matured rice (90 days) and K42,000 for rice grown under multiple cropping.
The retail prices of Pawsan varieties under the door-to-door system were registered at K74,000 from Myaungmya and K70,000 from Pyapon in mid-August and K76,000 from Myaungmya and K72,000 from Pyapon respectively.
The commodity prices are moving upward spiral in recent days, yet the prices of rice are pretty stable, the GNLM quoted U Kyaw Tin, a rice depot owner from Bayintnaung Wholesale Market, as saying.
By end-September, the monsoon rice will flow into the market. Furthermore, new high-grade Pawsan varieties are expected to enter the market in mid-November. Monsoon paddy acreage in lower Myanmar regions (Ayeyawady, Bago and Yangon) accounts for two-thirds of the overall acreage (1.3 million acres) across the country.
Foods destroyed paddy fields in August in previous years. However, there is no such case this year. Thus, the yield is not affected and the prices of low-grade rice varieties will go down, Ko Win, a rice trader, shared his opinion. — TWA/GNLM