Gov’t lends rice to curb prices

[Anchor]

These days, there seems to be nothing that isn't rising in price, and rice is no exception.

The average price for 20 kilograms is nearly 60,000 won.

To immediately curb the rising trend, the government has decided to lend stored rice to the private sector.

Reporter Lee Soo-yeon has the details.

[Report]

Rice from various regions across the country.

While there are differences depending on the production area and variety, the price exceeds 60,000 won for 20 kg.

As rice prices rise rapidly, the government has stepped in with discount support.

[Koo Seon-hoe/Goyang City, Gyeonggi Province: "Oh, when did it rise like this? Now it's almost 40,000 won for 10 kg. 20 kg is nearly 70,000 won, which is expensive."]

The consumer price of rice averages around 58,000 won for 20 kg.

This is about 10% higher than the average year.

The price of rice at the production site has also reached 52,900 won this month, marking the highest level since Oct. 2023.

This is due to the government purchasing over 260,000 tons to support rice prices, which had been on a downward trend last year, along with lower-than-expected production levels.

As a result, the government has decided to lend rice for the first time to the private sector.

The plan is to lend last year's harvested rice to private milling companies and receive this year's harvested rice in return, aiming to stabilize the rising rice prices and manage the supply of rice for 2025.

[Song Mi-ryung/Minister of Agriculture, Food and Rural Affairs: "New rice will be available this year. Please repay it in kind by next year. Then both producers and consumers can win-win."]

Farmers are already concerned about the price of rice during the harvest season, as new rice has started to come out this year.

[Jo Hee-sung/President of the Korean Rice Farmers Association: "As we enter the harvest season, talking about releasing (rice) through public auctions or rentals is not appropriate. It is a clear fact that the price of rice will drop...."]

This is the first government rice lending initiative.

The attempt to find a balance between farmers and consumers is now on trial.

KBS News, Lee Soo-yeon.