India’s Rice Prices Soar by 28.78% YoY in Dec-23 Due to High Demand From the Middle East and Europe

Rice

India

Market & Price Trends

Published Dec 15, 2023

In Dec-23, rice prices in India rose 28.78% YoY to USD 0.50/kg from USD 0.39/kg in Nov-22. The surge is part of an upward trend since Oct-23. Basmati rice prices increased due to strong demand from the Middle East and Europe, prompting contracts for exporting around 500 thousand mt of new season basmati rice.

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