Finance Minister says price of rice to rise in aftermath of Cyclone Nargis

SINGAPORE: Finance Minister Tharman Shanmugaratnam said the price of rice could increase in the immediate future because of Cyclone Nargis. However, he assured Singaporeans that the government is monitoring the situation.

Mr Tharman said: "The unfortunate destruction of rice fields in Myanmar means that in the short—term, of course the rice price will go up even further. Hopefully it will stabilise and come down towards the end of the year. But we’ll have to watch this carefully. No one knows for sure what will happen to global food prices — rice as well as other foods."

Mr Tharman was speaking to reporters after launching celebrations to mark Vesak Day, at Ngee Ann City Civic Plaza on Saturday.

He urged Singaporeans to maintain a peaceful, multi—racial and multi—religious society. This event is organised by the Singapore Buddhist Federation and includes an exhibition on Buddhism and a vegetarian food fair.

Celebrations will take place on 10 and 11 May and is open to public. — CNA/vm

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