Agriculture Ministry to supply 100,000 tons of rice for price stabilization

Rice is sold at a supermarket in Seoul on Feb. 3. [YONHAP]

 

The Ministry of Agriculture, Food and Rural Affairs said Friday it will supply 100,000 tons of rice from its reserves of the staple grain to help stabilize soaring prices sparked by a supply shortage.

 

The decision came as the average retail price of a 20-kilogram bag of rice reached 63,000 won ($44) as of Wednesday, up over 15 percent from a year earlier, according to government data.

 


 

The Agriculture Ministry said the combined rice inventory held by agricultural cooperatives and rice processing complexes currently stands about 110,000 tons lower than that of last year.

 

The ministry added that it plans to decide whether to supply additional rice from its reserves after monitoring the market situation following the release of the initial 100,000 tons.

Yonhap