Autumn grain prices to rise by 3% next year

The government decided in a cabinet meeting Tuesday to raise autumn grain purchasing contract prices by 3%. In this case, an 80kg bushel of grade one rice would be 166,110 won.

The volume for purchase, conforming to the World Trade Organization¡¯s plan to reduce purchasing subsidies, will be 5,814,000 bushels, which is a decrease of 7.6% from last year¡¯s 6,291,000 bushels.

Final confirmation of the government¡¯s plan for the autumn grain purchase price will be made once the National Assembly gives its approval. The government raised autumn grain prices 5.5% in 1998 and 5.5% this year.