A rice shortage not seen in 20 years is expected worldwide

Rice production is also declining in China, the EU and elsewhere. The price of the food product is rising, affecting more than 3.5 billion people worldwide, especially in the Asia-Pacific region, which consumes 90% of the world's rice, writes CNBC. A rice shortage not seen in nearly 20 years is expected in 2023, according to Fitch Solutions. A potential deficit of this magnitude for one of the world's most widely grown grains would hurt major importers, analysts said. Globally, the most obvious impact of the global rice shortage has been, and still is, decade-high rice prices," said Fitch Solutions commodity analyst Charles Hart. What's more, rice prices are expected to remain around current highs until 2024, according to a report by Fitch Solutions Country Risk & Industry Research. Given that rice is a staple food in many markets in Asia, prices are a major determinant of food price inflation and food security. Northern Italy's worst drought in 70 years threatens supplies of ...