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PROBLEM TO BE SOLVED : To provide a simple method of preparing lactic acid or a lactate from a cellulosic raw material. SOLUTION : The method of preparing lactic acid and/or a lactate is characterized by heat-treating a raw material comprising a carbohydrate in the presence of a rare earth metal oxide in an aqueous solvent or in an alcoholic solvent. COPYRIGHT : (C)2010, JPO&INPIT