Yangon, 16 August
The Myanmar Rice Federation is selling reserved rice in an effort to keep domestic rice prices stable, but the prices keep skyrocketing in the market, traders and housewives told Than Lwin Times.
Starting 7 August, the MRF has been selling 50,000 bags of reserved rice through the private sector in order to stabilize rice prices and assure a reasonable price for customers.
A bag of Shwebo Paw Hsan costs 120,000 Kyats, 97,000 Kyats for Ayeyarwaddy Paw Hsan, and 65,000 kyats for Emahta, or coarse rice.
On 15 August, the price of a bag of Shwebo Paw Hsan increased to 145,000 kyats, a bag of rice jumped to 110,000 kyats, and a bag of 90-day rice soared to over 80,000 kyats, according to Wardan Rice Wholesale Center in Yangon.
Before the sale of reserved rice, in early August, one bag of Shwebo Paw Hsan was 130,000 kyats, while one bag of rice cost 95,000 kyats, and one bag of 90-day rice was only around 76,000 kyats, and now the price has increased.
According to a rice dealer, the price of rice has gone up due to the Myanmar currency’s depreciation, the shortage of domestic rice stocks, and high commodity prices.
Low-income people are struggling to buy rice every day due to rising rice prices.
Rice traders predict that the price of rice will rise in the coming three months due to a further drop in rice cultivation and increased demand, as well as political unrest.
News-Than Lwin Times
Photo-Social Media