Rice prices continue to rise in Arakan State

By Admin 29 Apr 2023

DMG Newsroom
29 April 2023, Sittwe

Rice prices continue to increase in Arakan State despite the fact that the Myanmar Rice Federation has warned against rice price gouging.

Rice prices have steadily increased since early April, and jumped by around 10,000 kyats per sack after Myanmar’s New Year, according to rice dealers.

A sack of Paw Hsan Hmwe rice increased from 75,000 kyats in early April to 85,000 kyats now, and the prices of other rice varieties have also gone up.

U Min Myat Soe, owner of ‘Star’ rice shop in Sittwe, said: “Every year, rice prices increase after Thingyan. The price is higher this year. In previous years, the highest price was around 70,000 kyats per sack. The prices of fertiliser and fuel have also increased this year. This is why rice prices have increased. But I hadn’t expected prices to increase that much.”

There have also been reports of panic buying of rice as Arakan State residents are concerned that rice prices may further increase.

The sown acreage of paddy declined last year in Arakan State due to instability and increased prices of agricultural inputs, particularly fertiliser. Yields as well as production have declined as a result.

One-hundred baskets of Paw Hsan Hmwe, the most popular rice variety in Myanmar, sells for between 900,000 kyats and 1 million kyats now and supply cannot meet demand, said Daw Saw Aye May, owner of ‘Swanpakar’ rice wholesaler in Sittwe.

The rice price increase is taking a toll on low-income families especially.

“We are manual workers, and we are facing serious hardships. We can’t afford to buy rice by the sack now, and we have to buy by the can,” said Daw Ma Sandar from Shwepyithar Ward in Sittwe.

The local rice millers association, rice merchants, Arakan State Chamber of Commerce and Industry and junta officials have met to discuss rice price hikes in Arakan State.

“We have held discussions on how to stabilise rice prices. The Myanmar Rice Federation has said it would intervene if rice prices increase exorbitantly in Arakan,” said U Zaw Thant Aung, secretary of the Arakan State Rice Millers Association.

Rice prices have increased partly because some rice merchants have hoarded rice and do not sell it into the market, according to rice millers.