India, which is responsible for around 40 per cent of global rice exports, banned the export of non-basmati white rice overseas last month in a bid to bring down prices at home.
The United Nations' Food Price Index revealed a 2.8 per cent increase in rice prices in July from a month before, with a 19.7 per cent year-on-year surge.
The war in Ukraine has also led to soaring fertiliser and fuel prices, driving up overall food costs for firms. Provision store Foods of India’s owner Mohammed Alam told CNA that despite the panic buying, he is convinced that there is enough rice to sustain the country. The rising costs pose a concern for some consumers, who worry it could significantly disrupt their daily diets and cultural culinary practices.
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