Yangon, February (16)
Rice traders told Than Lwin Times that the military council has yet to be able to control the issues of the scarcity of rice and the significant rise in domestic rice prices.
The price of rice in the country has reached a record high as a result of a shortage on the market, an increase in rice prices on the global market, and high general costs.
Since January, the price of a bag of Paw Hsan has increased from around 59,000 Kyats to 72,000 Kyats, while a bag of Emata, or coarse rice, from 45,000 Kyats to 61,000 Kyats.
According to the owner of a rice mill, the cost of paddy has jumped by approximately 30%, causing him to purchase as much rice as he can afford.
The Myanmar Rice Federation and the military council are currently in talks to control the record high in domestic rice prices, although the price of rice has not yet dropped in the market.
The Myanmar Rice Federation has submitted a request to the authorities to sell rice at a lower price to employees in factories and industrial zones to stabilize the price of rice.
Domestic rice prices are soaring as a result of power outages, rising fuel costs, general transportation costs, and high production costs.
Despite the increasing rice prices, buyers fear that the price of rice will surge again and are hoarding rice, so the demand for rice is increasing.
More than 17 million acres of rice are grown in Myanmar, which yields millions of tons of rice annually and exports almost three million tons of rice to 22 countries.
The domestic rice market, on the other hand, is in crisis due to the extremely high price of rice in the two years since the military coup.
News-Than Lwin Times