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China raises rice purchase prices amid global fluctuations

(Xinhua)

08:25, September 05, 2012

BEIJING, Sept. 4 (Xinhua) -- China's top economic planning agency said Tuesday that it will raise the minimum purchase prices for mid-season and late rice in 2012, as severe droughts in the United States and other grain-producing countries have driven up food prices in the global market.

The minimum purchase price for mid-season and late indica rice will be raised to 2.5 yuan (39.4 U.S. cents) per kg, up 16.82 percent from a year earlier, according to a statement by the National Development and Reform Commission (NDRC).

Meanwhile, the minimum purchase price for japonica rice will be set at 2.8 yuan per kg, up 9.38 percent from last year, according to the NDRC.

The new prices will be effective in Jiangsu, Anhui, Jiangxi, Henan, Hubei, Hunan and Sichuan provinces and the Guangxi Zhuang autonomous re