Rice farmers across Bangladesh have begun their first rice harvest of the year on Thursday as authorities are hoping for a bumper crop that could ease the current punishing price rises in the country.

According to Bangladesh's Food Secretary Mollah Wahiduzzaman, Rice prices, which doubled in the past year, have already started slipping nationwide as hoarders confident about the new crops have started selling their stocks.

Bangladesh has distributed nearly one million MT of rice since last July following the shortfalls caused by last year's natural disasters, and has heavily subsidized diesel and fertilizer to help farmer cultivate their land.