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Global rice prices rise due to the Russian-Ukrainian war

Rice
Published Jun 14, 2022

Tridge summary

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 the price of wheat can lead to some substitutions for rice, increasing demand and lowering existing stocks," he added.

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. ...
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