Local rice supply adequate amid rising prices - Singapore exec
SINGAPORE - A Singapore official said Monday that the city-state's supply of rice was adequate despite growing concerns of tightness in domestic stocks of the staple food.
The government is monitoring the rice market closely, S. Iswaran, minister of state for trade and industry, told Parliament.
"Our rice importers have been conducting their business responsibly and maintaining normal supplies to consumers, despite the volatility in global markets," Iswaran said.
Iswaran added that there was no evidence of hoarding by rice importers and said authorities would punish such behavior.
"We have no reports of any profiteering or any anticompetitive behavior by our rice importers ... they have been very responsible," Iswaran said in response to questions from lawmakers.
"As a condition of their license, rice importers are not allowed to engage, directly or indirectly, in price fixing or other unfair trade practices relating to the import or sale of rice," he said.
Iswaran said retail prices of rice have risen about 10-15 percent since January. That's an increase of about 2 Singapore dollars ($1.47; €0.94) for each 10-kilogram (22-pound) packet of rice.
A sharp rise in the price of rice is hitting consumer pocketbooks and raising fears of public turmoil in the many parts of Asia where rice is a staple.
Part of a surge in global food costs, rice prices on world markets have jumped 50 percent in the past two months and at least doubled since 2004. Experts blame rising fuel and fertilizer expenses as well as crops curtailed by disease, pests and climate change.
There are concerns prices could rise a further 40 percent in coming months. - AP
The government is monitoring the rice market closely, S. Iswaran, minister of state for trade and industry, told Parliament.
"Our rice importers have been conducting their business responsibly and maintaining normal supplies to consumers, despite the volatility in global markets," Iswaran said.
Iswaran added that there was no evidence of hoarding by rice importers and said authorities would punish such behavior.
"We have no reports of any profiteering or any anticompetitive behavior by our rice importers ... they have been very responsible," Iswaran said in response to questions from lawmakers.
"As a condition of their license, rice importers are not allowed to engage, directly or indirectly, in price fixing or other unfair trade practices relating to the import or sale of rice," he said.
Iswaran said retail prices of rice have risen about 10-15 percent since January. That's an increase of about 2 Singapore dollars ($1.47; €0.94) for each 10-kilogram (22-pound) packet of rice.
A sharp rise in the price of rice is hitting consumer pocketbooks and raising fears of public turmoil in the many parts of Asia where rice is a staple.
Part of a surge in global food costs, rice prices on world markets have jumped 50 percent in the past two months and at least doubled since 2004. Experts blame rising fuel and fertilizer expenses as well as crops curtailed by disease, pests and climate change.
There are concerns prices could rise a further 40 percent in coming months. - AP
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