Panama: Government To Procure All Domestic Rice

In a move to bring down the rising prices in the country, the Panamanian government has decided to buy all of the country's rice output directly from farmers and sell it to consumers at a discount.

Rice producers have welcomed the announcement after the government agreed to pay local market prices for the crop.

Panama's food prices rose 15 percent in the 12 months to April, the government says, prompting widespread discontent and occasional protests.

International rice prices have nearly tripled since the beginning of the year but began to dip this month as outlooks came in for a big global crop this year.