Rice Prices in India Soar 21.73% YoY in Nov-23 Amidst Inadequate Rainfall

In Nov-23, India's rice prices witnessed a notable 21.73% year-on-year surge and a 20% MoM increase. The price hike is primarily linked to irregular rainfall, supply shortages, and increased production costs, leading to the highest global rice prices in a decade and raising concerns about food insecurity in Asian and African nations.