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India’s rice export ban has sparked fears of a global food crisis, but other Asian countries can help mitigate the risk, writes Peter Timmer (Harvard University).
(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:
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.
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India has banned a majority of rice shipments causing the price of rice to surge. Rice is a staple food in Asia and Africa and a hike in rice prices would push up imports and inflationary pressures for the region. Vietnam has already raised the price of rice to $600 a ton for 5% white rice causing Thailand to potentially do the same, which would push Thai prices to their highest since 2012.