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Local rice prices not expected to rise: COA
Taipei, Oct. 14 (CNA)
Recent flooding in Thailand and the new Thai government's promise to raise rice prices have caused concern over rice prices in Taiwan, but officials said Thursday that there is little likelihood that the impact from the situation in the Southeast Asian country will be felt by local consumers. Although the floods in Thailand -- the largest rice exporter in the world -- might have caused the loss of some 5 million tons of rice, the Council of Agriculture (COA) said it was not yet able to predict the impact of the flooding on international rice prices. The COA added that compared with the flooding, the Thai government's pledge to raise the minimum rice price for farmers by 50 percent will have a bigger impact on international prices. However, it reassured the public that local prices will remain generally unaffected by any price hikes on the international market, as the country has a 600,000-ton rice stockpile in storage. It pointed out that in cases of irregular price fluctuations, the council will release stored rice to stabilize local prices. Meanwhile, You Sheng-feng, deputy director-general of the Agriculture and Food Agency, said that although the current retail price of rice is NT$38.35 (US$1.28) per kg, up 4 percent from last year, the price is still within a reasonable range. Consumers should realize that "the time of high food prices has come," You was quoted as saying by the United Daily News. The official's remarks came after local rice retailers revealed that the price of white rice will possibly reach over NT$40 per kg by the end of the year.
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