The price of rice is expected to fall significantly due to an increase in supply. 

The Korea Rural Economic Institute on Wednesday forecast the price of rice will drop at a steeper pace from next month than in recent months and will dip below 190-thousand won per 80 kilograms in May. 

The price of the staple grain moved upward last year as production hit the lowest level in 38 years. But prices began to decline after the government released 50-thousand tons of rice to the market in November. 

The expected steeper price is attributed to mounting pressure on farmers to sell rice quickly this year.