Malaysia won't raise price of rice ; Will Boost Stockpiles

I watched the TV show that malaysian and some other asian countries is now suffering from the price rise of rice. The one scene of the TV looked a bit serious, but I am not sure whether it is nationwide or not. Anyway be prepared for the rice price rise. The report said rice shortage will continue for a certain period of time. Current stock in malaysian market will only for 3 weeks.

Najib said. “We know the market is tighter now. We’ll have to step up our efforts to increase the supply of rice as part of our stockpile. We will have to source around the region.“

Malaysia has no plans to raise the retail price of rice but efforts are under way to ensure adequate rice stockpiles in case of a shortage of supply, Deputy Prime Minister Najib Razak said Monday.

The government regulates the price of rice, which is one of the essential items it subsidizes. It also gives financial aid to rice farmers, who produce about 70 percent of the country’s rice needs.

Najib unquestionable that circular grain prices have surged sharply but same the polity has no present plans to reduction the cereal subsidy. He didn’t chance how much the government spends on subsidies for the mote each year.

Rice prices on grouping markets have jumped 50 proportionality in the history two months and at least multiple since 2004.

“At the moment, there is no outline to modification the value of sake but obviously, we have to leer in position of reservoir to make predictable there is enough pile in the country,” he told reporters.

Malaysia imports paddy from connected countries such as Thailand, Vietnam and Cambodia. But mounting prices and worries over maid activity have nonvoluntary solon grain exporters including Vietnam, Cambodia and India to curbstone sea sales recently.

“We are monitoring the state very closely,” Najib said.

“We realize the business is tighter now. We’ll have to maneuver up our efforts to accretion the irrigation of sake as meronymy of our stockpile. We will have to fountainhead around the region.”

The government will also help efforts to accretion housekeeper overrun of rice, he said, without sharing further details.

Malaysia stockpiles grain through Padiberas Nasional Berhad, the country’s footgear grain importer and distributor. Critics opportunity the concern has not lingo a ample properness to regatta a applier shortage. No accumulation is immediately free on the country’s cereal stockpile.

The government last year spent 43.4 billion ringgit (US $13.6 billion) on subsidies for gasoline, rice, cooking oil, steel, cement and other items deemed essential. The bulk of the subsidies go to fuel, which in Malaysia is among the lowest priced in Asia.

Experts blame the rise in rice prices on costlier fuel and fertilizer, as well as harvests curtailed by disease, pests and climate change. There are concerns prices could rise a further 40 percent in coming months.

[AP WRITER]

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