JAKARTA, July 21 (Xinhua) -- Indonesian President Prabowo Subianto on Monday expressed deep concern over massive losses inflicted by fraudulent practices in the country's rice trade.

He said he had received reports indicating that so-called food cartels had manipulated both rice prices and supply, resulting in annual losses of up to 100 trillion rupiahs (around 6.1 billion U.S. dollars). The profits were in the hands of only a few large business groups.

"The loss is not just a matter of numbers, but concerns the fate of our farmers, consumers, and national stability. Therefore, we must take firm action to stop these lame and harmful practices," Prabowo said during the launching ceremony of village cooperatives in Klaten regency, Central Java, according to the Presidential Secretariat Office.

"This is very detrimental to the country, especially when the government is working hard to secure income through taxes and excise," he added.

Prabowo said that the current situation highlights serious inequality in the food sector. While farmers continue to receive low prices, millers and large-scale distributors are reaping double profits. ■