16 Feb '11, 3pm

Taiwan battles to stabilise rice prices via @AddThis

Taiwan battles to stabilise rice prices via @AddThis

TAIPEI: Taiwanese authorities plan to inject tens of thousands of rice into the market next month in a bid to stabilise domestic prices, officials said Wednesday. The move came as World Bank president Robert Zoellick warned food prices rose by 15 per cent between October and January, pushing 44 million people into poverty in developing countries since June last year. The pinch has been felt in Taiwan where prices of corn, mostly imported from the United States and a major ingredient in animal feed, have surged 27 per cent during the same period, pushing up meat prices. To help reduce the cost of local livestock and poultry, the Council of Labour Affairs said that up to 65,000 tonnes of rice would be released from its inventory for sale to local animal farmers in March. "This step is part of the government's efforts to stabilise domestic consumer prices," Yu Sheng-feng, dep...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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