Asian rice prices surge above $600

November 22, 2023 (MLN): Asian benchmark for rice, Thailand’s 5% broken white rice jumped by $19 to $602 a ton on Wednesday, the highest level since late September, as Bloomberg reported.

Prices of the Asian benchmark had steadily declined after surging to the highest level in almost 15 years in early August owing to mounting concerns over global supplies as dry weather threatens production in Thailand and after top shipper India banned some exports.

This was the most expensive rice had been since October 2008.

Rice is vital to the diets of billions of people in Asia and Africa, and the surge in prices could add to inflationary pressures and boost import bills for buyers, Bloomberg added.

To recall, in July, India widened its shipment ban to protect domestic supplies, spurring panic buying in some countries.

The curbs exacerbated worries over a global shortage amid growing world consumption.

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