South Korea to Release 150,000 Tons of Rice from Reserves to Stabilize Prices

South Korea's Ministry of Agriculture, Food and Rural Affairs has announced an emergency release of 150,000 tons of government rice reserves to address rising rice prices and supply shortages. According to Jin10, this decision follows a continuous increase in rice prices since the beginning of the year. By the end of February, the average retail price for a 20-kilogram bag of rice had reached 63,000 won, marking an over 15% increase compared to the same period in previous years. The release will be conducted in a 'loan' format, requiring distributors to apply by March 5. Approved distributors must return an equivalent amount of rice to the government after the new rice harvest later this year.