MYANMAR Rice Federation (MRF) issued a warning ahead of the price hike at Yangon’s rice wholesale centre. MRF stated that it will inspect those manipulators who spread malicious rumours on digital platforms to spark the concerns of the consumers and raise the rice prices for the sake of the long-term benefit of the rice industry. The federation will forward the reports to the relevant authorities. Those
stakeholders in the supply chain need to exert concerted efforts in this, as per the MRF’s notification dated 24 April. This move is to stabilize the rice price and steer the market for the right price and
the right product.
The MRF will join hands with the rice millers, rice traders and companies. Additionally, it encouraged the mill owners to achieve performance balance between the short term and long term. Individuals and family entities can contact the rice wholesale centres for a fair price and the right product. It is mentioned in the statement that the office of MRF can be contacted in the event of any difficulty. On 25 April, the prices of rice stood at K82,000-K1,060,000 per bag of Pawsan rice depending on producing areas (Shwebo, Myaungmya and Pyapon and Bogale), K72,000 for Pawkywe, K65,000 for short-mature summer rice (90 days) and K60,000 for monsoon Nangka variety. As the growers have sold the paddy out, the traders who keep the stocks in their hands are making great profits. Consequently, the price has risen. The price hike occurred three times in 2023.
The price of rice usually goes up in the Yangon market when old stocks diminish and the harvest season has not come. This year, the price goes up for various reasons. The rice prices spiked as per speculations on rice prices in the post-Thingyan period. The authorities warned those unscrupulous traders of spreading any malicious rumours on social media to trigger the consumers’ concerns. The consumers also request the traders to have sympathy for them.
Source: The Global New Light of Myanmar