Efforts for Price Stability: Investigation into rice price surge

Authorities have investigated 58 rice entrepreneurs across various regions and states in response to a significant surge in local rice prices, which has caused severe difficulties for consumers.

The investigation targeted 102 rice storages, 25 rice mills, and 7 shops to determine if they complied with the monthly market price guidelines issued by the Myanmar Rice Federation.According to the findings, the entities that raised prices by 11% to 30% will face fines and taxation on their profits.

Those that increased prices by 31% to 70% will be prosecuted under Section (5) of the Important Goods and Services Act. The offending entities include Global Myanmar Trading Company, Yadanapon Rice Mill, Kanbawza Rice Dealer, Theingi Rice Mill and Broker House, Sein Nga Pwint Rice Shop, Thitsar Shin Rice and Oil Dealer, and Thant Rice Shop.

Additionally, 53 shopping centers and supermarkets were scrutinized, and among them, 30 storesthat raised prices by 21% to 50% will face fines and taxation. 7 stores that increased prices by 51% to 70% will be subject to action under Section (5) of the Important Goods and Services Act.

The implicated stores include One Stop Mart, City Mart Holding Company, Sein Gay Har Trading Company, and Aeon Orange.Further investigations will continue to address the sale of rice at inflated prices, which exacerbates consumer difficulties and destabilizes the state economy.