Rice Prices Surge, Highest in Five Years

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Adi Ahdiat 25/11/2022 10:50 WIB

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National average prices for premium and medium-quality rice have continuously increased from August to October 2022.

National Average Rice Price per Month (March 2018-October 2022)

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National Average Rice Price per Month (March 2018-October 2022)

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Based on data from the Ministry of Trade's Market and Basic Needs Monitoring System (SP2KP), the national average price of premium rice in October 2022 reached Rp12,800/kg.

The price of premium rice increased by 1.58% month-on-month (mom), rose by 4.06% year-on-year (yoy), and reached its highest level since 2018, as shown in the graph.

A similar increase occurred in medium-quality rice. In October 2022, the national average price of medium rice was Rp10,800/kg. This price increased by 1.88% month-on-month (mom) and by 4.85% year-on-year (yoy).

The price of medium rice in October 2022 matched the level of April 2021, which was the highest price since 2018.

Dwindling Rice Reserves: Government Unable to Intervene in Prices?

Amidst this upward price trend, the Head of the National Food Agency, Arief Prasetyo Adi, stated that the government's rice reserves managed by the Logistics Agency (Bulog) are dwindling and will continue to decline to 342,800 tons by the end of 2022.

"(The dwindling government rice reserves) are very dangerous, because Bulog cannot intervene when prices are high," said Arief in a hearing with Commission IV of the DPR in Jakarta on Wednesday (23/11/2022).

"And if there is an extraordinary event like the earthquake in Cianjur, Bulog must still have stock," he continued.

Arief also stated that Bulog is currently having difficulty absorbing paddy because the market price is higher than Bulog's budget.

"Today, it's difficult to find paddy in the field at a price of Rp4,200 per kg. The field price of paddy is above Rp5,000 or above Rp5,500 per kg. This is definitely a scramble for paddy in the market," said Arief.

On the other hand, Bulog's President Director, Budi Waseso, stated that the national rice supply controlled by the government is still secure for the next six months and is ready to be released at any time through market operations.

"The public should not worry, Bulog guarantees that rice needs are available to the public at affordable prices, even though there is a slight price increase in the market. We are continuously monitoring the situation to keep it under control," said Budi Waseso in a press release on the official Bulog website on Friday (18/11/2022).

According to Budi, Bulog's rice stock as of mid-November 2022 amounted to 625,000 tons domestically and 500,000 tons abroad.

"The total stock we currently have is almost 1.2 million tons stored in Bulog warehouses throughout Indonesia, plus commercial rice stocks from cooperation abroad. This overseas rice stock can be withdrawn at any time if domestic stocks run out. In short, there is no problem with rice stocks," said Budi.

Editor : Adi Ahdiat

"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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Rice Prices Surge, Highest in Five Years

Rice Prices Surge, Highest in Five Years

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