The price of rice rose to a new 15-year high amid strong demand and ongoing supply problems, according to Bloomberg.
Thai white rice with a broken percentage of 5%, the benchmark in Asia, rose for the third week in a row and hit $659 a tonne on Wednesday, according to the Thai Rice Exporters Association. That’s the highest level since October 2008, meaning prices are up about 38% this year as India curbs exports and drought threatens output.
Rice is vital to the nutrition of billions of people around the world, especially in Asia and Africa. Prices may rise again due to problems with imports. Some countries have urgently increased purchases to stockpile sufficient stocks amid concerns that the impact of El Niño will further limit supplies in the coming months.
It is known that Thailand will deliver up to 2 million tons next year, and India agreed put 1 million tons. Meanwhile, by February the Philippines should get over 500,000 tons of rice imported by the private sector.
Most likely, rice will also become more expensive in Greece, since it also imports the product from abroad in quite large quantities.
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