The South Korean government will release its rice reserves in 100,000 tons as well as imported supplies of potatoes to help ease spike in fresh food prices.
According to a report by the Ministry of Agriculture, Food and Rural Affairs on Thursday, it will sell 100,000 tons in government stock separately to processed makers as to induce slowdown in retail prices without overburdening the market.
The wholesale price of rice per 80kg bag rose to 174,096 won ($160.75) in June, gaining from 171,376 won in April and 172,264 won in May.
Prices of fresh vegetable prices have slightly come down after selling 4.1 percent higher than usual. The unseasonable heat in springtime hurt field yield and caused spike in their prices.
The government will intervene also to stabilize the prices of staples like onion and potato through purchase of imports and for exports.
It will purchase 20,000 tons of onions whose prices will be affected by 16 percent surge in yield for exports. It will make similar move with potatoes - purchase in imports for release in the domestic market - if prices do not come down.
By Lee Yu-sup and Lee Ha-yeon
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]