Rice prices have surged to a 15-year high amid growing concerns about the impact of increased demand and the effects of El Niño on supplies. The grain, a dietary staple for billions of people in Asia and Africa, saw its cost rise 2.5% last week, reaching US$650 a tonne, the highest point since October 2008. This information, provided by the Thai Rice Exporters Association, reflects the price of Thai white rice at 5%, the standard in Asia.
The cost of rice last reached this level in early August, prompted by widespread export restrictions from India, the leading exporter, and dry weather conditions that threatened the Thai crop. Prices then dropped during September and October but have been on a rapid rise again throughout November. This trend could keep food inflation high in the forthcoming months, particularly in countries heavily dependent…
