Indonesia Raises Domestic Rice Prices

Indonesia has decided to increase its domestic rice prices in a bid to support local farmers who are facing rising production costs and to track increases in global rice prices.

According to Bayu Krisnamurthi, deputy coordinating economics minister, the price for rice will be raised to IDR2,200-IDR4,300 a Kg from IDR2,000-IDR4,000/kg .

Indonesia has also decided to prioritize its local rice industry and has announced that it won't import rice until national stocks fall below 1 million MT.

Indonesia's national rice stocks currently stand at 1.4 million MT.