Global rice prices rise due to the Russian-Ukrainian war

Published 2022년 6월 14일

Tridge summary

Recent data from the United Nations Food and Agriculture Organization (FAO) reveals that world food prices, particularly rice, have experienced a significant increase over the past five months, reaching their highest level in the past year. This surge is largely attributed to the ongoing war between Russia and Ukraine, causing supply disruptions of wheat and oats, which may lead to rice becoming a more popular alternative in countries that do not typically consume it. The situation is further exacerbated by India's decision to ban the export of various commodities, including rice, to manage its own food security, potentially impacting Asian countries heavily dependent on rice as a staple food, such as Indonesia, East Timor, Laos, and Cambodia.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Jakarta, CNBC Indonesia - World food prices have soared in recent months due to the war between Russia and Ukraine. Recently, an increase is predicted to occur in rice prices. Supply disruptions, such as wheat and oats from Ukraine due to war and export restrictions, could send rice prices soaring. This food can be a new choice to replace wheat and oats in a number of countries that have not normally consumed them. Citing CNBC International, the Food Price Index of the United Nations Food and Agriculture Organization (FAO) has shown how international rice prices have crept up for the fifth month in a row. It has even reached its highest level in the last 12 months in the latest data released last weekend. "We need to monitor rice prices going forward," said Sonal Varma, chief economist at Bank of Japan Nomura, quoted Monday (13/6/2022). "Because the increase in wheat prices could lead to some substitutions for rice, increasing demand and lowering existing stocks." he added. ...

Source: Cnbcindonesia