Thai Committee Approves Benchmark Rice Price Increase on Costs

Thailand’s National Rice Policy Committee approved an increase in benchmark domestic prices by up to 10 percent for rice under an income guarantee program after complaints by farmers about rising costs, Pramote Vanichanont, a committee member, said today.

The increase in the benchmark price, which is subject to final approval from the cabinet, will raise total government spending on rice under the income guarantee program to 55 billion baht ($1.8 billion) from 40 billion baht planned earlier, Pramote said. The government will pay the difference to farmers if domestic prices are below the benchmark level.

(Source: http://www.bloomberg.com/news/2011-03-07/thai-committee-approves-benchmark-rice-price-increase-on-costs.html)