230,232 won per 80 kg as of the 5th...up 0.4% from the previous period
Government-held rice demand survey of producer-area distributors to be conducted this week
With rice prices continuing to rise, the government has decided to release government-held rice into the market. It plans to determine the volume to be supplied after conducting a demand survey of rice distributors in producing regions.
The Ministry of Agriculture, Food and Rural Affairs said on the 10th that, as the upward trend in rice prices has persisted and the pace of increase has accelerated, it plans to swiftly review measures to supply government rice stocks in order to stabilize rice supply and demand.
According to producer-area rice prices as of the 5th of this month released by the National Data Office, the price per 20 kg bag stood at 57,558 won, up 0.4% from the previous period. On an 80 kg basis, the price was 230,232 won, exceeding 230,000 won.
Producer-area rice prices, based on 80 kg, rose 0.1% to 228,164 won on Dec. 15 last year compared with 10 days earlier. As of Dec. 25, the price fell 0.2% to 227,816 won, but in January this year it climbed by around 0.1% to 0.3%, moving in a range of 228,420 won to 229,328 won. On the 5th of this month, it reached 230,232 won, extending the upward trend.
Earlier, as rice prices continued to rise, the Ministry of Agriculture, Food and Rural Affairs put on hold its plan to remove 100,000 tons of rice from the market. This was due to concerns that isolating 100,000 tons of rice from circulation could lead to a supply shortage and further drive up rice prices. At the same time, the ministry decided to additionally supply 60,000 tons of rice for processing purposes.
An official at the Ministry of Agriculture, Food and Rural Affairs said, "To calculate the supply volume of government-held rice, we will first conduct a demand survey this week targeting rice distributors in producing regions, and then decide on the supply volume by taking into account the survey results and on-site inventory conditions," adding, "The ministry will swiftly implement measures to stabilize rice supply and demand so that the burden on consumers from rising producer-area rice prices does not persist."
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