Rice Prices Near 210,000 Won... Song Miryung Says "30,000 Tons of Reserve Rice to Be Released"

At the August 7 Press Briefing
Rice Price at Production Sites Reaches 209,312 Won per 80 kg
Following Discount Events, Government Pushes to Release Reserve Rice

As the price of rice at production sites is nearing 210,000 won per 80 kg, the government has decided to release 30,000 tons of reserve rice into the market. This move is intended to supply the market with rice before the 2025 new crop is shipped, in order to prevent a sharp price surge.

On August 7, at a press briefing held at the Government Complex Sejong, Minister of Agriculture, Food and Rural Affairs Song Miryung stated, "To ease the burden on consumers, the government plans to announce next week a measure to supply 30,000 tons of 2024 rice reserves to the market."

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The reason the government is pushing to release reserve rice is that rice prices have recently been on the rise, adding pressure to household grocery costs. According to Statistics Korea, as of July 25, the price of rice at production sites was 52,328 won per 20 kg, which translates to 209,312 won per 80 kg. Since surpassing 200,000 won as of June 15, the price has continued to climb and is now approaching 210,000 won.

Minister Song explained, "As the price of rice at production sites rises, the average retail price for 20 kg of rice is now 59,000 won. When the price exceeds 60,000 won, consumers perceive it as expensive. It is expected that the market will be short by 30,000 tons until the 2025 new crop arrives, so we plan to supply this amount to the market through Rice Processing Complexes (RPCs)."

The government plans to supply the released rice to the market by the end of September this year and to recover it with 2025 rice around March next year. The volume to be recovered may vary depending on rice prices. If the price of rice at the time of recovery next year is higher than the current release price, the government will recover a smaller volume; if the price drops, it will recover a larger volume.

Minister Song added, "The current rise in rice prices is due to a shortage of paddy rice that distributors can supply, so the government is releasing reserve rice to increase supply accordingly. This government rice release is being implemented so that consumers feel less of a price burden and producers are not adversely affected."