Thai floods unlike to rise local price of rice: COA


TAIPEI–Recent flooding in Thailand and the new Thai government’s promise to raise rice prices have caused concern over rice prices in Taiwan, but officials said Thursday that there is little likelihood that the impact from the situation in the Southeast Asian country will be felt by local consumers.

Although the floods in Thailand — the largest rice exporter in the world — might have caused the loss of some 5 million tons of rice, the Council of Agriculture (COA) said it was not yet able to predict the impact of the flooding on international rice prices.

The COA added that compared with the flooding, the Thai government’s pledge to raise the minimum rice price for farmers by 50 percent will have a bigger impact on international prices.

However, it reassured the public that local prices will remain generally unaffected by any price hikes on the international market, as the country has a 600,000-ton rice stockpile in storage.