Monday, October 17, 2011

Hoarding can lead to hike in rice prices

KUALA LUMPUR: Consumers should not hoard rice as it will affect the price of the commodity in the short run, said Agriculture and Agro-based Industry Deputy Minister Datuk Chua Tee Yong.

Moreover, he said, hoarding would only lead to wastage, as the commodity could not be stored for a prolonged period.

“I do not believe the current situation warrants any panic at this stage. There is no necessity for consumers to get into a panic-buying mode,” Chua told reporters after appearing at the Metro Prima International College Convocation 2011 as its guest of honour.

His response came following massive flooding in the Indochina region, where some 1.5 million hectares of padi fields in Thailand, Vietnam, Cambodia and Laos were already reported to be affected by the weather.

Malaysia depends on these countries for 30% of its rice supply, but the ministry has said that the country will not face any shortage of rice in the immediate future.

(Source: The Star)

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