Seoul,
According to a recent report by South Korea’s Ministry of Agriculture, Food and Rural Affairs, rice prices in the country have fallen by 24.9 percent this year compared to September last year. This is reported to be the biggest drop in the last 45 years.
The procurement price of rice in South Korea has continued to decline recently. At the same time, farmers have been hit hard due to rising costs of production. Due to this, farmers in the country are struggling to meet their expenses and repay their loans.
Meanwhile, the country’s government has decided to purchase 20 percent of last year’s production to stabilize rice prices. It is noteworthy that the South Korean government has decided to keep about 3 lakh 50 thousand tons of rice in stock from October 20.