Seoul: The agriculture ministry announced its plan to release 100,000 tons of rice from national reserves to stabilize escalating rice prices caused by a supply shortage.
According to Yonhap News Agency, this decision follows a significant rise in the average retail price of a 20-kilogram bag of rice, reaching 63,000 won (US$44) as of Wednesday. This marks an increase of over 15 percent compared to the same period last year, as indicated by government data.
The Ministry of Agriculture, Food and Rural Affairs reported that the current rice inventory, held by agricultural cooperatives and rice processing complexes, is approximately 110,000 tons less than last year's stock. The ministry also mentioned that it will assess the market situation after the release of the initial 100,000 tons to determine if further supply from reserves is necessary.