Rising rice prices … The government releases 370,000 tons of public stocks

■ The Ministry of Agriculture and Food announces measures to stabilize rice supply and demand

phased supply starting next January, after the harvest season

As rice production has decreased this year due to typhoons and rainy seasons, and rice prices have soared, the government will ease public stocks.

On December 24, the Ministry of Agriculture, Food and Rural Affairs announced that it would supply the government with grain within a 370,000-ton radius to stabilize the rice market. On June 20, the Ministry of Agriculture and Food opened the Cereal Supply and Demand Stabilization Committee to prepare measures to stabilize the supply and demand for rice in 2020.

The Ministry of Agriculture and Food will deliver 80,000 tons of rice which is purchased as a public stock this year through a local distribution company to a local distribution company in January next year. The release period was adjusted after the harvest season, taking into account that the release of public rice stocks could harm farmers.

It was decided to distribute the 370,000 tons of rice already stored for a certain quantity to the market. However, Park Soo-jin, head of food policy at the Ministry of Agriculture and Food, said: “Even during the harvest season, the supply period can be adjusted if it is unavoidable because there is concern that the ‘supply and demand anxiety will intensify or intensify “.

The reason the government has come up with measures to stabilize the supply and demand of rice is that rice production has plummeted. Due to the prolonged rainy season and subsequent typhoons, rice production this year is estimated at 3.15 million tons, down 120,000 tons from last year, according to the announcement of the National Statistical Institute on the 12th. year and 120,000 tons (6.4%) compared to last year.

As a result, the price of rice is skyrocketing. According to Korea Agricultural and Fishery Food Distribution Corporation (aT) on the 24th, the retail price of 20 kg of rice was 662 won, up 14.9% over last year (52,274 won) and 30.5 % over the average year (46.006 won).
/ Sejong = Reporter Hyojeong Park [email protected]