HSBC fears possible food crisis in Asia

(By Santiago Martinez/EuroNews) Rice is a vital food for the world's population. Almost 20% of the calories consumed by half the world come from grains, according to the Food and Agriculture Organization of the United Nations (FAO). These numbers become more relevant in Asia, as the continent consumes around 85% of total rice production, said the FAO. It is no wonder that the rise in rice prices, the highest since 2008, has raised alarms around the world, to the point where experts fear a possible food crisis in Asia. Specifically, rice export prices in Thailand have increased by almost 50% year on year, according to a report prepared by economists at British bank HSBC. Currently, they are worth more than 600 dollars (562 euros) per ton, taking the price in Thailand as a reference. The report warns that the situation could have much greater repercussions for the rest of the world, as the percentage of rice consumption has doubled in the last 25 years. Why is the price of rice ...