Soaring Rice Prices... Consumer Groups Demand Government Release Stockpiled Rice, Accused of Ignoring Consumers

[Asia Economy Reporter Seungjin Lee] The Korea Consumer Organization Council has urged the government to implement supplementary measures for rice supply and demand.

The Korea Consumer Organization Council stated on the 15th, "The government's '2020 Rice Supply and Demand Stabilization Supplementary Measures' do not consider consumers," and urged, "We call for the immediate release of stockpiled rice to stabilize the market and reduce the burden on consumers."

According to the Korea Agro-Fisheries & Food Trade Corporation (aT) as of the 14th, the retail price of 20kg of rice rose by 15.1% compared to last year, reaching 60,473 KRW. Additionally, according to Statistics Korea, the rice price index as of November 2020 increased by 27.7% compared to 2015. While the overall consumer price index rose by 5.5% during the same period, rice prices increased significantly more.

In response, the Korea Consumer Organization Council said, "The government announced on the 25th of last month that it would gradually supply up to 370,000 tons of government rice to the market starting January next year, but even after 19 days, rice price increases have not been curbed," adding, "Although rice should be supplied immediately to stabilize the market and lower prices, it appears that the timing of rice supply is being adjusted to maintain the purchase price of new rice."

They also pointed out, "Currently, the government's stockpiled rice amounts to 980,000 tons, which is 180,000 tons more than the Food and Agriculture Organization (FAO)'s recommended public stockpile," and criticized, "Despite huge tax expenditures on policies to preserve farmers' income in response to recurring disasters and to maintain the value of rice, consumer prices increase every year, imposing a double burden on consumers."

The Korea Consumer Organization Council emphasized, "Rice prices directly affect consumers' household budgets," and stated, "The government should promptly adjust the soaring rice prices and improve the system to prevent multiple leakages of taxpayers' money, thereby protecting the interests of both producers and consumers."

This content was produced with the assistance of AI translation services.