Unravelling the Mystery of Rice Price Hikes

The selling price of rice has been soaring since the end of last year. Medium rice reached IDR14,140 per kg, according to the National Food Agency (Bapanas) price panel on Wednesday (21/2/2024), up from IDR13,280 per kg in October of last year.

Editorial Team

22 Feb 2024 - 16.21
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Unravelling the Mystery of Rice Price Hikes

Trade Minister Zulkifli Hasan accompanies President Joko Widodo in inspecting a State Logistics Agency warehouse and launching the government's food aid program at the East Sunter II Warehousing Complex, Jakarta./Presidential Secretariat

Bisnis, JAKARTA - The cause of the rice price surge remains a mystery. Although the government's reserves are still abundant, the price of this staple food has not shown signs of decrease.

The soaring prices of rice has been occurring since at least the end of last year. To illustrate, medium rice reached IDR14,140 per kg, according to the National Food Agency (NFA) price panel on Wednesday (21/2/2024), up from IDR13,280 per kg in October of last year. Another example is the price of premium rice, which was IDR14,870 per kg in October and has since risen to IDR16,210 per kg.

The prices of rice in both categories exceed the maximum retail price (MRP). The government sets the MRP based on National Food Agency regulation No. 7/2023, ranging from IDR10,900 - IDR11,800 per kilogram for medium rice, and IDR13,900 - IDR14,800 per kilogram for premium rice.

The government blamed the price hikes to climate change, particularly the El Nino phenomenon or drought in several areas has led to some farmers experiencing crop failures, resulting in a decrease in rice production.

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© Copyright 2024, Hak Cipta Dilindungi Undang - Undang.