Gov’t to buy 50,000 tons of rice to stabilize prices

The agricultural ministry said Monday it has launched steps to purchase 50,000 tons of rice in order to stabilize its price. The latest move comes in line with efforts to reduce the 150,000 tons of rice in storage, which was harvested in 2023, in the market this year, according to the Ministry of Agriculture, Food and Rural Affairs. The agricultural ministry added that the supply of an additional 50,000 tons of rice is expected to decrease this year, based on the estimated size of rice paddies, which is between 683,000 and 689,000 hectares, below the previous target of 699,000 hectares. Rice is a staple food for Koreans, but its consumption has been steadily declining in recent decades due mainly to changes in diet. The average South Korean consumed 56.4 kilograms of rice in 2023, down 0.6 percent, or 0.3 kg, from the previous year, separate data compiled by Statistics Korea showed. It is the lowest level since the government began compiling related data in 1962. Source: Yonhap News Agency