The setting of the rice price index by the authorities has recently led to a decrease in posts on social networks advocating for higher rice prices.
On 28 and 29 August, at the Wahdan rice depot in Yangon, the price per bag of the Pawsan rice variety from delta regions fell to K100,000. The Pawsan Taungpyan variety dropped to K105,000, the Shwebo Pawsan to K125,000, the Pawkywe variety to K95,000, the low-grade 90-day rice variety to K72,000, and multi-cropped rice to K69,000.
Prices of all rice varieties had skyrocketed on 24 August. As a result, starting on 28 August traders at the rice depots began selling various kinds of rice to consumers at the lower prices set by the authorities.
“Because the rice depots set the price of rice and sold it at a lower price, pages quoting the rice prices on social networks disappeared. Nowadays, news in the form of advertisements advocating for an increase in the price of rice has vanished,” said U Maung Win from Mingala Taungnyunt Township.
The remaining rice in the domestic rice market is sufficient until the new rice comes out. However, due to the marketing tactics of those who hoard rice to stoke concern among consumers, the price of rice has risen sharply. New Pawsan rice varieties usually come in at a lower price, decreasing by around K10,000 per bag compared to old rice at the end of the year. When the price of rice is high, people start eating the new Pawsan rice, and as a result, the demand for the old Pawsan rice tends to decrease, said a seller.
Consumers have stated that their concerns about the price of rice have decreased due to the reduced prices at the depots, and posts promoting the sale of rice on social networks have disappeared.— TWA/CT