India's ban on rice exports sparks inflation fears

By Rajendra Jadhav and Mayank Bhardwaj and Shivam Patel NEW DELHI (Reuters) - India on Thursday ordered a halt to exports of its main rice category, a move that would halve shipments from the world's biggest exporter of the grain, sparking fears of further inflation in global food markets. The government announced an export ban on non-basmati white rice after retail rice prices rose 3% in one month after late but heavy monsoon rains caused significant damage to crops. India accounts for more than 40% of the world's rice exports, and low stocks at other exporters mean any cuts in shipments could inflate food prices, already boosted by last year's Russian invasion of Ukraine and unstable weather. "To ensure adequate availability of non-basmati white rice in the Indian market and to contain price increases in the domestic market, the Government of India has changed the export policy," the country's Ministry of Food said in a statement in which it cited an 11.5% increase in retail ...