The South Korean Ministry of Agriculture announced Friday it will release 100,000 tons of rice from government reserves to combat rising rice prices and address supply concerns.
This measure is a direct response to the significant increase in rice prices. As of Wednesday, the average retail price for a 20-kilogram bag of rice had climbed to 63,000 won ($44), reflecting a more than 15% increase compared to the previous year, according to official government data.
The Ministry of Agriculture, Food and Rural Affairs attributes the price hike to a lower-than-usual rice inventory. Current rice stocks held by agricultural cooperatives and rice processing facilities are approximately 110,000 tons less than the levels recorded last year, prompting the government to intervene and stabilize the market.
