India contributes to Rice prices hike globally

Rice prices

Rama Krishna Sangem

Rice prices soared to the highest in almost 15 years in Asia on mounting concerns over global supplies as dry weather threatens production in Thailand and after top shipper India banned some exports.

Thai white rice 5% broken, an Asian benchmark, jumped to $648 a ton, the most expensive since October 2008, according to data from the Thai Rice Exporters Association on Wednesday. That brings the increase in prices to almost 50% in the past year, according to a Bloomberg report on August 9, Wednesday.

Rice is vital to the diets of billions of people in Asia and Africa, and the surge in prices could add to inflationary pressures and boost import bills for buyers. The latest threat to supply comes from Thailand, the second-biggest shipper. Authorities are encouraging farmers to switch to crops that need less water as the nation braces for drier conditions with the onset of El Niño.

 

Cumulative rainfall in the key central growing region is 40% below normal, and the move to curb planting is to conserve water for households. The government previously asked growers to reap only one crop this year. Last month, India widened its shipment ban to protect domestic supplies, spurring panic buying in some countries. The curbs exacerbated worries over a global shortage amid growing world consumption.

 

Rice prices may go up further

The price surge will aggravate stresses in global food markets that have been rocked by wild weather and reduced grain supplies from the Black Sea region because of Russia’s war in Ukraine.

Thai white rice 5% broken, an Asian benchmark, jumped to $648 a ton, the most expensive since October 2008, according to data from the Thai Rice Exporters Association on Wednesday. That brings the increase in prices to almost 50% in the past year. Rice is vital to the diets of billions of people in Asia and Africa, and the surge in prices could add to inflationary pressures and boost import bills for buyers.

Rama Krishna Sangem

Ramakrishna chief editor of excel India online magazine and website

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Rama Krishna Sangem

Excel India national news magazine is a media startup founded and piloted by Rama Krishna Sangem, a Hyderabad based senior journalist with over three decade experience in the field of media, mostly in print journalism. His rich experience in reporting for both Telugu and English newspapers and heading a TV news channel and some online outfits will be of immense use to this venture. Excel India English news magazine seeks to fill the gap of analytical understanding to our readers who today are confronted with myriad media platforms. Our online version not only offers regular updates and commentary on happenings around us, but also gives larger stories not limited by space constraints of a print magazine. Excel India is ably run by a team of senior journalists committed to values and quality standards in the profession. We urge you all to support and guide us in this endeavour. Reach us at excelindiaweb123@gmail.com