Nation to raise purchase prices for grains

The authorities will raise the minimum purchase prices of rice and wheat for the second time this year to encourage grain production and ease inflation, the National Development and Reform Commission (NDRC) said on Friday.

The standard minimum purchase prices for rice would range from 77-82 yuan per 50 kg when it goes on the market this year, up 7 yuan from previous levels. Wheat prices would be raised to 72-77 yuan, 3-5 yuan higher, according to a statement posted on the NDRC website.

The authorities raised the minimum purchase prices of the two crops on Feb 8.