Global rice prices are expected to remain elevated through 2024, as market tightness persists due to adverse weather conditions and export restrictions, particularly from India, as reported by BMI, a Fitch Solutions unit. The high prices are attributed to factors such as India's 2023 export ban and drought concerns in Thailand, which have significantly affected supply. Although the average price for rough rice futures is projected to be slightly lower in 2024 than in 2023, the situation might see improvement by 2025 if La Nina weather conditions bring increased rainfall and boost rice production. However, BMI warns that India's export restrictions might continue beyond the general election due to food inflation concerns, potentially keeping prices high.