Bangladesh To Cut Domestic Rice Prices

The Bangladeshi government has decided to subsidize the cost of rice to the country's poor leading up to the Muslim holy month of Ramadan when prices traditionally rise.

Food ministry spokesman Golam Kibria said the government planned to reduce the cost in August, to try to help poor families who were struggling to make ends meet.

The price of the grain, a staple in the South Asian nation, has doubled in the past year, caused by rising inflation and a shortage due to floods as well as a devastating cyclone last year.

Bangladesh’s army-backed interim authorities have said they are building a stock of 2.5 million MT of rice this year to protect the country in the event of a natural disaster or global price hikes.