Rice Prices Witness a Significant Decrease of Up to 36% Post-Festive Season

Rice prices have dropped considerably after the festive season, attributed to a larger kharif crop harvest this year. Common non-basmati rice prices have decreased, along with specialty varieties like Gobindobhog experiencing a sharp fall. Basmati prices have also seen a decrease, with exporters looking towards new markets such as Japan and Indonesia. The abundance of supply is anticipated to keep prices steady for the coming months. The decrease in rice prices post-festive season amounts to up to 36%, driven by the increased arrivals of the kharif crop this year. Prices of common non-basmati rice varieties have dropped by 6%, while specialty rices like Gobindobhog have seen a significant 36% fall since Diwali. Basmati prices have also decreased by 6%, as exporters focus on diversifying into markets like Japan and Indonesia due to reduced supplies to US markets as a result of high tariffs.