The target for government rice reserves (CBP) at the end of 2023 is 1.2 million tonnes. This amount can be the initial stock for 2024 which will be used to stabilize rice prices during the General Elections and Ramadan
is estimated at 7 .24 million tons or 4.2 percent lower compared to the same period the previous year. throughout 2023 will reach 2.4 million tons. However, because production is currently limited, the price of grain tends to be expensive, which is around IDR 6,700 – IDR 7,300 per kilogram . The price trend did increase during the second semester compared to the first semester so that Bulog had to pour out its stock to stabilize prices.
Arief is targeting a CBP stock position by the end of 2023 of 1.2 million tons. This amount could become the CBP stock at the beginning of 2024, which will be used to stabilize rice prices during the election held around February and the beginning of Ramadan in March. In addition to the 2023 year-end stock, controlling rice prices at the beginning of 2024 is also relying on domestic harvests.
On the procurement side that relies on imports, the cessation of non-basmati rice from India could potentially reduce the supply in the global market. However, Arief assessed that the situation can be overcome with the upcoming harvest in several rice-producing countries in the next two months.
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