SINGAPORE/MUMBAI/NAIROBI: Tightening global supplies of basic foodstuffs and disruptions to shipping caused by the coronavirus pandemic are driving up the cost of rice, the most important staple food for billions of people worldwide.
Rising food prices are a worrying trend in countries that depend on imports, while the cost of rice is politically sensitive in many parts of Asia and Africa. A spike in the price of the grain led to unrest in several countries during the world food crisis of 2008.
Benchmark rice prices jumped 20%-45% in key Asian producers last year, while demand for lower-quality rice as an alternative animal feed and soaring shipping costs are raising concerns that poorer nations that rely on…
