Rice prices are on course to reach a 15-year high, threatening to cause concern in Asia and Africa, where these grains are the staple food of billions of people.
The price of Thai white broken rice, Asia’s benchmark rice, jumped 5% over the past two weeks to $640 per ton after a period of relative calm, slightly below its highest level since October 2008.
Prices reached this watershed in early August, following widespread export restrictions imposed by India, the world’s largest rice exporter.
Increasing demand for Thai rice from unexpected importing countries, such as Brazil and the Philippines, has contributed to this rise, according to Chukyat Ofaswongsi, honorary president of Thailand’s Rice Exporters Association.
India tightened export restrictions in late July and is expected to continue to do so until next year, as Prime Minister Narendra Modi seeks to contain domestic prices before the elections.
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