- Rice prices surged to their highest in almost 12 years, after supplies in Asia’s primary staple food were limited by India’s rice export ban and adverse weather conditions.
- Elevated global food stocks, particularly in Asia, help insulate production volatility and minimize the economic impact from a consumer standpoint, Morgan Stanley said in a report.
- Nomura said the Philippines is the “most vulnerable” country in Asia-Pacific to surge in food prices, due to the high share of food in its consumer price inflation basket at 34.8%.
A perfect storm may be brewing in Asia.
Rice prices surged to their highest in almost 12 years, after India’s rice export ban and adverse weather conditions dented production and supplies of Asia’s primary staple food, according to the UN’s food agency.
The price of global rice prices is particularly worrying,” Qingfeng Zhang, a…
