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The Food Corporation of India (FCI) offers quality rice at a reserve price of Rs 29 per kg under the OMSS.
Jokowi, as the president is known, said while Indonesia’s headline inflation is low, he remains concerned that food prices and imports would help secure supply.
Prices most recently rallied to that milestone in early August in the wake of sweeping export curbs from top shipper India and as dry weather threatened the Thai crop.
The export ban is bringing back memories of 2008, when a global rice crisis put 100 million people at risk, many in sub-Saharan Africa. Back then, both Vietnam and India restricted exports.
India, on July 20, banned the export of non-white basmati rice and imposed a 20 percent export duty on parboiled rice August 25.
Crop-nourishing monsoon rains picked up in July and August, allowing farmers to plant 32.8 million hectares with rice by Friday, up 5.1% from the same period last year.
Rice is vital to the diets of billions of people in Asia and Africa, and the surge in prices could add to inflationary pressures and boost import bills for buyers.
As the festive season approaches, households are reeling from spiraling prices in many commodities and vegetables. Government efforts to check price rise by augmenting supplies must be complemented by private trade.
The statement by the food ministry came a day after its factsheet alluded to a pricing pressure and rates of rice rising in the near term.
The statement was made in the fact sheet that the ministry issued detailing reasoning behind recent amendments to the India's rice export policy.
India, the world's biggest rice exporter, saw its 5-percent broken parboiled rice quoted at USD 346-USD 350 per tonne this week, up from USD 341-USD 345 last Wednesday.
Rice prices in India fell due to ample supply and recent slide in the rupee, while the Thai and Vietnamese markets remained subdued in the first week of the new year, traders said on Wednesday.
Talk that North Korea's young leader plans to reform the broken economy is already having an impact. It's helping send rice prices even further out of the reach of most families in one of the world's most under-fed societies.
Anil Mittal the CMD of KRBL, in an interview on CNBC-TV18, spoke about his company’s third quarter results and the road ahead.
Indonesia's president called on households to plant food in their gardens in an effort to head off inflation, with the country's trade minister leading the way by chilli farming at home.
