Indonesia president says rice prices will decrease soon on incoming supply

Credit: REUTERS/AJENG DINAR ULFIANA

Adds details, quote in paragraph 4

JAKARTA, Feb 15 (Reuters) - Indonesia's President Joko Widodo on Thursday said rice prices in the country would decrease slightly in one or two weeks, as the country awaits incoming supplies.

His statement comes as the government sought to reassure consumers there were adequate rice stocks in Indonesia amid increasing sale restrictions in mini markets and supermarkets since the end of 2023.

Jokowi, as the president is commonly known, said rice prices were up due to tight supply caused by disrupted distribution.

"I think in one or two weeks, the prices of rice will go down a bit, as we wait for harvest," he said in a statement.

Data from the agriculture ministry showed that the country had a rice deficit of 1.63 millions tons in January and 1.15 million tons in February.

Indonesia's National Food Agency said the country plans to import 2.44 million tons of rice in 2024, of which around 445,000 tons is a quota carried over from 2023.

Indonesia has already approved a 2-million ton rice import quota this year, a quarter of which is expected to arrive by March, officials said. In 2023, it imported 3.06 million tons of the grain, a near-record.

(Reporting by Stefanno Sulaiman and Stanley Widianto; Editing by Kanupriya Kapoor)

((Widianto.Stanley@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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