Rice Prices Soar Uncontrollably as Government Seeks 500 Crore Intervention

Rice prices are spiraling out of control, with a demand for 500 crore in immediate funds due to unsuccessful government interventions. The Onam market is experiencing rising prices and rampant hoarding. The Supplyco outlets are facing rice shortages. Food Minister GR Anil personally informed Finance Minister KN Balagopal that urgent funding is needed to prevent a significant price surge during Onam. Last time, rice was sold at Onachandas for Rs 25 per kg to stabilize prices.

Over the past week, rice prices have been steadily increasing. Matta rice now costs Rs 60 per kg. The supply of rice is insufficient, partly due to increased Jaya rice exports. The demand for Indian rice remains high due to its affordability, contributing to the price surge within the state. The export of Pachari rice is restricted. In the previous year, rice prices exceeded Rs 60 in March and April but decreased after the July harvest.