. Changes in rice price
Changes in the rice price will be examined first. A sharp increase in the rice price, far exceeding the
rise in the CPI, occurred just after the liberalization of the agricultural market in 1987 (Table 2).
Figure 1 indicates trends in the rice price and in the CPI. The rice price was 1.77 times higher than
the CPI in 1989 and 1.75 times higher in 1993, a serious situation that caused considerable anxiety
for the government. A widespread sense of crisis forced the government to take measures such as the
exclusion of rice from marketing liberalization in 19885 and the introduction of the summer paddy
program, initiated in 1992/93, for boosting rice production. Secondly, however, despite such
measures, the rice price was kept at a relatively high level until 2001, when it finally converged with
the CPI. It should be noted that another emergency situation in terms of the rice price level occurred
around 1999 (Figure 1).
Let us now examine the surge in the rice price from a different angle. Figure 2 illustrates the
ratio of the domestic price to the international price of rice between the mid 1980s and the early
2000 s.6
According to the figure, the domestic price was between one seventh and one eighth of the
international price in 1983/84, which shows that the domestic rice price was repressed at an
. Changes in rice priceChanges in the rice price will be examined first. A sharp increase in the rice price, far exceeding therise in the CPI, occurred just after the liberalization of the agricultural market in 1987 (Table 2).Figure 1 indicates trends in the rice price and in the CPI. The rice price was 1.77 times higher thanthe CPI in 1989 and 1.75 times higher in 1993, a serious situation that caused considerable anxietyfor the government. A widespread sense of crisis forced the government to take measures such as theexclusion of rice from marketing liberalization in 19885 and the introduction of the summer paddyprogram, initiated in 1992/93, for boosting rice production. Secondly, however, despite suchmeasures, the rice price was kept at a relatively high level until 2001, when it finally converged withthe CPI. It should be noted that another emergency situation in terms of the rice price level occurredaround 1999 (Figure 1).Let us now examine the surge in the rice price from a different angle. Figure 2 illustrates theratio of the domestic price to the international price of rice between the mid 1980s and the early2000 s.6According to the figure, the domestic price was between one seventh and one eighth of theinternational price in 1983/84, which shows that the domestic rice price was repressed at an
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