The world is about to face a global rice shortage, triggered by extreme weather patterns and newly-enacted restrictions from India, the biggest worldwide exporter. According to the Associated Press, the price of a 55-pound bag of rice has inflated by about a fifth since June, going from .
(Bloomberg) A surge in rice prices to the highest level in almost 15 years is renewing fears that food costs are going to get a lot more expensive for the world’s poorest people.Most Read from BloombergFirst American City to Tame Inflation Owes Its Success to Affordable HousingEveryone Wants to Work at UPS After Teamsters DealRetirees Face $17,400 Cut to Social Security Benefits in 2033Ecuador Presidential Candidate Villavicencio AssassinatedStock Traders Shun Risk in Run-Up to Key CPI Test:
Rice markets could face a global crisis as India bans rice exports and Thailand experiences a spate of low rainfall. India’s export ban: Last month, the Indian government banned exports of non-basmati white rice in efforts to save the nation’s rising domestic markets and ensure “adequate availability.” India has dealt with food inflation over the past year, prompting action from the government.