The Myanmar Rice Federation has warned that it will find and take legal action against those engaged in rice price gouging.

The chairman of Myanmar Rice Federation, U Ye Min Aung, said some people had spread rumours on social media with the aim of inflating rice prices.

“We will warn the people who spread rumours on social media to create panic. If they don’t listen to us, we will report it to authorities,” said U Ye Min Aung.

The Myanmar Rice Federation says it will work together with rice merchants associations, wholesalers, rice millers, merchants and companies to help stabilise rice prices, and facilitate business deals.

Paddy grower U Tin Tun of Labutta Township, Ayeyarwady Region, blamed the wholesalers for price gouging. Rice prices have increased by 5,000 kyats per sack on average, he said.

Myanmar recorded poor harvests in the latest rice harvest due to adverse weather conditions, political instability and increases in the prices of agricultural inputs including fertiliser. There are concerns that production can’t meet the national demand as the next paddy cultivation season does not start until June, and the next harvest is not until around October.