India Faces 34.72% YoY Rice Price Surge in W9, Prompts Government Action for Market Stability

India's rice prices surged in W9, experiencing a 34.72% YoY increase to USD 0.34/kg, with a 9% MoM and WoW rise since Oct-23. This increase is due to factors such as higher minimum support prices, increased government procurement, potential production declines due to El Niño, and strong demand from various industries. To mitigate this, the government mandated weekly stock declarations, plans to introduce fixed-price retail sales of 'Bharat Rice,' and aims to stabilize prices through sufficient stock provisions and regulatory policies.