Rice prices in South Korea have hit four-year high, with the standard 80kg bag, prices exceeding 220,000 South Korean Won (KRW). Retail prices have also surpassed an average of 61,000 South Korean Won per 20kg, roughly 20% increase compared to the same period last year. With the continuous increase in rice prices, many fear that South Korea is heading toward a rice price surge like Japan’s recent crisis.
According to Statistics Korea, as of the 5th, the farmgate price of rice reached 55,810 South Korean Won (KRW) per 20kg, which depicts an increase of 1,180 KRW from the previous survey on 25th August. On a standard 80kg bag, prices exceeded 220,000 South Korean Won, marking the highest level in four years, whereas the retail prices of 20kg rice have also surpassed an average of 61,000 KRW, which depicts a 20% increase in comparison to the same period last year.
Govt. to Supply an Additional 25,000 Tons of Government Rice
In response to this the Ministry of Agriculture, Food and Rural Affairs in its latest move decided to supply an additional 25,000 tons of government rice. For the unversed, govt. has already released 30,000 tons starting August 25, out of which half of the supply was sold within two weeks whereas the remaining stock is expected to be exhausted in another two weeks.
While addressing the queries on the unrelenting rise in rice prices the South Korean Government attributed the causes to delayed shipments due to frequent rain during the early-season rice harvest, leading to inventory shortages. Govt. has strictly warned distributors to not resell the government rice as unhulled grains, the additional rice supplied by govt. must be sold as milled rice by the 17th of next month.