Arrange fair prices for rice and paddy locally

 

AS MYANMAR relies heavily on paddy cultivation, rice is a staple food for most of its population. Therefore, the government and relevant authorities should ensure that rice production remains high and the agricultural costs are balanced with market prices to support farmers’ economic growth. Similarly, stable rice prices will help consumers improve their socioeconomic well-being.

Paddy is a strategic crop in Myanmar, covering around 17 million acres or 34 per cent of the country’s arable land. Annually, 80 per cent of the paddy is used for domestic consumption and food production, while the remaining 20 per cent is exported. Given its importance in the local market, ensuring price stability for rice and paddy is essential.

Excessive stockpiling of rice and paddy, along with price manipulation for profit, can lead to economic instability and hardships for consumers. Therefore, relevant organizations regulate rice and paddy prices to protect both farmers and consumers. Businesspersons should also consider the impact on consumers’ daily lives when managing the storage and pricing of rice and paddy.

Last summer, climate change, rising costs of agricultural inputs like pesticides and fertilizers, increasing wages for farm workers, and instability in farmland areas caused rice and paddy prices to rise in the domestic market. Additionally, some businesspersons spent large sums on stockpiling paddy to manipulate commodity prices. Fair prices for agricultural inputs and reasonable profit margins for businesses can help ensure affordable food prices for consumers.

The Steering Committee on the Protection of Farmers’ Rights and Enhancement of Benefits announced basic reference prices for paddy on 19 October to help farmers avoid financial difficulties. Farmers can now sell their paddy at K950,000 per 100 baskets, which meets market standards. Such basic reference prices of paddy aim to manage prices of monsoon paddy produced in 2024 and summer paddy in 2025. It is essential to balance the interests of farmers, businesspersons, and consumers, ensuring price stability in the domestic market to ease the burden of rising commodity prices.

The government has enacted the law concerning the protection of farmers’ rights and the enhancement of their interests. Meanwhile, the government monitors and controls prices of basic foodstuffs such as rice and paddy for the sake of the consumer people. Hence, businesspersons and farmers need to acknowledge the efforts of the government to trade rice and paddy at fair prices locally, considering the lives of consumers people from all walks of life.

GNLM