At +31% over one year, the global price of rice is at its highest in 15 years
Published Sep 9, 2023
World rice prices have reached their highest level in 15 years due to India's export restrictions on non-basmati white rice. The decision aims to preserve enough rice for Indian inhabitants and limit price increases. While global rice stocks are expected to reach their highest level ever recorded, concerns about extended export restrictions and the potential impact of El Niño on upcoming harvests have caused tension in the world rice market.
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World food prices as a whole fell slightly last month (-2.1% compared to July), driven down by the decline in the prices of cereals, vegetable oils, meat and products. dairy. After a small rebound in July, the FAO food price index started to decline again, falling by 11.8% compared to the same time last year, and by 24% compared to the peak in March 2022, just after the Russian invasion of Ukraine. +31% in August year-on-year But the prices of rice, the most consumed cereal in the world alongside wheat, are directly affected by the decision taken on July 21 by New Delhi to ban the export of non-basmati white rice (around a quarter of its usual exports of rice). The objective is to preserve enough of this product for its inhabitants and to limit price increases, the prices having already increased before the summer. In August, the FAO rice price index was up 31% year-on-year. India accounts for 40% of world rice trade, ahead of Thailand, Vietnam and Pakistan. The country sells ...