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Rice prices likely to skyrocket
Highlights
Though new rice crop has arrived in city markets, there appears to be no relief for the consumer as the price of fine variety is sold at Rs 40 a kg. Last year the same variety was Rs 30 a kg.
Hyderabad: Though new rice crop has arrived in city markets, there appears to be no relief for the consumer as the price of fine variety is sold at Rs 40 a kg. Last year the same variety was Rs 30 a kg.
According to the Hyderabad and Ranga Reddy Rice Millers Association leader S Balaiah, this year the demand for rice stocks has seen a new high, particularly from super markets and retailers. There is near panic buying of rice in the backdrop of poor kharif yield.
Balaiah said though at the moment the price of fine variety of rice is around Rs 55 a kg, but when the existing stocks were exhausted in next three months, the new stocks of rice would go up to Rs 70 or more a kg.
Last year, newly processed fine rice variety was sold at the rate of Rs 3,000 to Rs 3,400 a quintal and this time the price went up to Rs 4,000 a quintal. The second grade quality was priced between Rs 3,500 and Rs 3,700 a quintal.
The officials of the State Agriculture Department told The Hans India that low paddy production led to the rice prices increasing abnormally. After March, fine quality rice price may touch Rs 8,000 a quintal and the secondary quality grains may witness 30 to 40 per cent increase from the present rate.
The officials said the total area under paddy cultivation was 6.15 lakh hectares only during kharif, which was almost half of the total target of 11. 70 lakh hectares.
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