Merchants sharply increase rice prices exploiting Myanmar's recent floods

The price of rice has jumped dramatically following heavy floods in lower parts of the country and draught in the central region, forcing authorities to investigate possible unscrupulous practices. 

"Floods occurred in lower Myanmar. Some regions are preparing to re-cultivate as the flood waters had subsided while some other areas do not know how to do. At the same time in central Myanmar, draught has destroyed crops and plantations. Taking advantage of the situation, traders who have stock of rice are sharply increasing rice prices," said an official from Rice Wholesale Centre (Wadan) in Yangon. 

To relieve public anxiety over the rising prices, officials from Myanmar Rice Merchants Association, Rice Wholesale Centre (Wadan) and Rice Wholesale Centre (Byintnaung) will reportedly warn and take action against the unscrupulous traders. 

A bag of rice has reportedly increased by more than 10,000 these days. A bag of rice worth about K 18,000 on August 1 has increased to K 19,000 on August 9.  

source: Eleven Myanmar

http://www.elevenmyanmar.com/national/3026-merchants-sharply-increase-rice-prices-exploiting-myanmar-s-recent-floods