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Friday, March 22, 1974
NEW RICE PRICES UNDER DISCUSSION
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A slight increase in rice prices at retail level is inevitable
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in the wake of the six per cent increase in the price of rice from China which comes into effect on April 1, the Commerce and Industry Department announced today.
After preliminary discussions last night, the Rice Advisory Committee will be meeting again next week to decide on the new prices at which importers will sell rice to wholesalers, and the effect on consumer prices will be carefully considered to ensure that no undue increase occurs.
"While the higher import costs have got to be taken into account, the Rice Advisory Committee has agreed that the increase in retail prices should be kept to a minimum," a DC & I spokesman said.
In the meantime, to avoid speculative activity, importers aro under instructions from the Commerce and Industry Department to release ample stocks for sale on the local market.
"Our principal concern is to ensure that no unnecessary profiteering takes place until the new prices come into effect, and the Rice Advisory Committee is giving its full co-operation to achieve this," the spokesman
added.
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