TAIPEI, Nov 2 Asia Pulse - Government Information Office Minister Shieh Jhy-wey vowed Thursday that the Executive Yuan will act swiftly to probe any irregularities in the domestic rice market, assuring the public that rice supplies are sufficient and that no one will be allowed to manipulate the crop's price to chalk up illegal profits.

Shieh made the comments while answering questions from reporters amid extensive media reports that rice price hikes are expected this month as a result of a poor summer harvest

Stressing that local rice supplies remain stable and that state-owned stockpiles are available to be immediately released to meet local demand in case of noticeable price fluctuations, Shieh said that the Executive Yuan is poised to tackle rumors of rice shortages and that it will keep a close watch on the market to fend off price speculation and ease public concerns.

The Fair Trade Commission (FTC) under the Executive Yuan said earlier the same day that the government still has at least three onths' worth of rice stockpiles and that there will be no shortage of the staple.

The FTC made the comments in response to a local media report that the average purchase price of wet rice at production venues in central and southern Taiwan is expected to surge to around NT$600 (US$18.47) per kilogram in days ahead, up from the current evel of NT$560 per kilogram, due to a steep reduction in rice harvests in the wake of several typhoons.

It was also reported that rice traders have decided to adjust upwards their wholesale prices at the same time.

Asserting that state-controlled stockpiles of rice provide at least a three-month buffer, FTC officials said that there will be no scarcity of the major food staple and that the commission will launch a probe at once if evidence indicates any manipulation by rice traders.

Meanwhile, the farmers' association in Chehshang township, Taitung County in eastern Taiwan said although some local rice growers re in favour of a slight price hike to reflect their rising costs, most prefer to maintain present prices for a while out of concerns that heaper foreign imports would lure away consumers.

Currently, rice produced in Taitung County, Taiwan's leading rice production site, costs an average NT$25 per kilogram - 10 percent more than that of rice grown in western regions.

(CNA)