Local rice prices are increasing consecutively since early this year, hitting record breaking rates within five-year time, according to Myanmar Rice Federation (MRF).

According to the records of the MRF, local rice prices in 2014 are Ks43,500 per bag for Shwebo Pawsan, Ks35,000 per bag for Ayeyawady Pawsan, Ks15,500 per bag for Aemahta and Ks16,500 per bag for Ngasein 25-mark rice. The local rice prices are Ks47,000 per bag for Shwebo Pawsan, Ks38,000 per bag for Ayeyawady Pawsan, Ks16,500 per bag for Aemahta and Ks17,000 per bag for Ngasein 25-mark rice in 2015. The local rice prices are Ks43,000 per bag for Shwebo Pawsan, Ks36,000 per bag for Ayeyawady Pawsan, Ks20,000 per bag for Aemahta and Ks20,500 per bag for Ngasein 25-mark rice in 2016. The local rice prices are Ks46,000 per bag for Shwebo Pawsan, Ks38,000 per bag for Ayeyawady Pawsan, Ks20,000 per bag for Aemahta and Ks18,300 per bag for Ngasein 25-mark rice in 2017.

It said that the rice prices are Ks65,000 per bag for Shwebo Pawsan, Ks53,000 per bag for Ayeyawady Pawsan, Ks19,700 per bag for Aemahta and Ks22,000 per bag for Ngasein 25-mark rice at present.

According to Myanmar Rice and Paddy Traders Association, the minimum and maximum prices are Ks61,000 and 62,000 per bag for Shwebo Pawsan, Ks52,000 and 56,000 per bag for Myaungmya/Pathein Pawsan, Ks50,000 and 52,000 per bag for Pyapon Pawsan and Ks22,500 and 22,800 per bag for Aemahta respectively on October 4.

It is increased to Ks61,000 and 63,000 per bag for Shwebo Pawsan, Ks52,000 and 56,000 per bag for Myaungmya/Pathein Pawsan, Ks50,000 and 52,000 per bag for Pyapon Pawsan and Ks22,500 and 22,800 per bag for Aemahta respectively on October 31.

Local Shwebo Pawsan rice price is reached to Ks65,000 per bag and the local rice prices in this year are increased to more than 30 per cent in compared with last year rice prices. Demand of low quality rice is on the decline, according to traders.