Korea is witnessing an increase in rice prices this time, as the domestic production has been severely affected by the extreme climatic conditions. Rice prices have surged due to extreme climatic conditions. The high rice prices are posing a vague threat to consumers amid a wide variety of edible products. Notably, the low supply has triggered the price hike of rice.
The Centre for Agricultural Outlook under the Korea Rural Economic Institute (KREI) stated that Local Wholesalers have purchased a small volume from rice producers this year. As per the agency’s data, a total of 157,000 tons, down 16,000 tons from the same period last year.
Additionally, the National Agricultural Cooperative Federation in Korea had sustained a stock of 635,000 tons at the same time, down 20.4 per cent from last year, and the privately stored volume stood at 77,000 tons, a fall of 39.6 per cent from last year.
The reason behind the low supply and production amid rice price surge is none other than the country’s extreme climatic conditions. The Ministry of Agriculture, Food and Rural Affairs of Korea stated that heavy rainfall earlier this month flooded 25,065 hectares of paddy fields. Notably, South Chungcheong province has recorded the largest hit with nearly 16000 hectares submerged.
Besides this, outbreaks such as brown planthoppers and several other insects detrimental to rice production have been fueled by extreme climatic conditions.
for instance, the pest infestation continued last year since the extreme heat lasted longer throughout the season. Not only this, but the appearance of Swarms has also exacerbated the damaging conditions of crop yields
Responding to the Crisis, the National Assembly’s Agriculture, Food, Rural Affairs, Oceans, and Fisheries Committee in Korea passed a revision to the Grain Management Act. Whenever domestic production faces a shortage or in excess, Lawmakers agreed to stabilise the rice price in the Korean Nation via the government’s more systematic intervention. This revision of the Law endorsed farmers who shift themselves from Rice farming to other natural crops suitable for tropical conditions, since the country’s climatic conditions are getting hotter.
