Rice Prices to Rise in Early 2024 Due to Production Deficit
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Based on data from the National Food Agency (Bapanas), average rice prices in Indonesia increased at the beginning of 2024.
This price increase occurred for both premium and medium-quality rice.
In January 2024, the average price of premium rice at the retail level reached Rp15,110 per kilogram (kg).
The price increased by 0.8% compared to December 2023 (month-on-month/mom), and surged approximately 15% compared to January 2023 (year-on-year/yoy).
During the same period, the average price of medium rice increased by 0.9% (mom) and surged 15% (yoy) to Rp13,310 per kg.
The National Food Agency (Bapanas) estimates that rice prices could increase further due to a projected rice production deficit of approximately 4 million tons until March 2024.
According to the Head of Bapanas, Arief Prasetyo Adi, the rice supply at the beginning of this year is dwindling because there were planting delays in 2023 related to El Niño. As a result, the harvest schedule was delayed.
Arief claims that Bapanas will address the rice deficit with the Government Food Reserve, which has been prepared since 2023. He is optimistic about maintaining rice prices.
"We must be optimistic about maintaining rice prices in the market in February-March 2024. Therefore, we are carefully calculating rice data, while continuing to maintain prices at the farmer level," said Arief, as reported by Katadata.co.id, Thursday (1/2/2024).
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
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