After India's export ban, Asian rice prices surged 20 percent, risking food inflation for vulnerable consumers in Asia and Africa due to supply disruptions.
Rice is a staple for more than 3 billion people, and nearly 90 percent of the water-intensive crop is produced in Asia, where the dry El Nino weather pattern is likely to curb supplies. / Photo: Reuters Archive
This is the first confirmation of rice prices climbing in the wake of India's surprise ban, with importers paying more for one of the world's most widely consumed staples amid tightening supplies. "Buyers have agreed to pay higher prices for some of the cargoes, which they bought for August shipment," said one trader at an international trading company.
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