Magnates Suspected to Have a Hand Behind Surging Rice Prices

Rice prices remain high despite the government’s efforts to import more rice, giving rise of suspicion that business magnates might have a hand in the price surge.

Dwi Rachmawati

18 Feb 2024 - 18.25
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Magnates Suspected to Have a Hand Behind Surging Rice Prices

Rice Stabilization of Food Supply and Prices (SPHP) Bulog. JIBI/Ni Luh Anggela.

Bisnis, JAKARTA — Efforts to import rice, amounting to three million tonnes since 2022, failed to dampen the high prices this year. Recently, the involvement of the "nine dragons" magnates in the surging rice prices have emerged.

Based on the Food Price Panel of the National Food Agency (Bapanas), the average price of medium-quality rice throughout 2023 nationally reached IDR12,262 per kilogram.

In January 2024, the average price of medium rice was IDR13,310 per kilogram, or 22 percent above the Highest Retail Price (HET) set at IDR10,900 per kilogram.

Since the days leading up to the general election of 2024, rice stocks in modern retail outlets such as Alfamart and Indomaret have even experienced shortages.

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© Copyright 2024, Hak Cipta Dilindungi Undang - Undang.