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China to raise purchase price for rice

Source:   Time:

China’s top economic planner says it will raise the minimum purchase prices for mid-season and late rice in 2012, as severe droughts in the US and other grain-producing countries have driven up food prices in the global market.

The National Development and Reform Commission will lift the minimum purchase price for mid-season and late indica rice to 2.5 yuan, or just over 39-cents per kilogram, up nearly 17 percent from a year earlier.

Meanwhile, the minimum purchase price for japonica rice will be increased by more than 9 percent from last year. China has raised its purchase price for five years in a row to safeguard food security.

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