Global food supplies have been hit by Russia’s war in Ukraine, which has driven up commodity and grain prices around the world. Even before the announcement, Vietnam’s rice was trading at its highest level since 2011, and has since moved higher, while Thailand’s variety jumped to levels not seen for more than two years. Thailand and Vietnam, respectively the world’s second and third-largest rice exporters, have also experienced rises in the prices of their 5% broken rice in recent times. The price of India’s 5% broken parboiled variety had already been hovering this week close to a five-year peak between $421 and $428 (£328-334) a metric tonne, and on Friday it stood at about $424.50. India’s move sent the price of rice from several Asian countries higher on global markets, while traders said they expected prices to rise substantially in the coming days. Soaring food inflation has put pressure on the BJP government in Delhi in the run-up to national elections next year and state-level elections in the months to come. The Indian government said the ban, introduced on Thursday evening, would “ensure adequate availability of non-basmati white rice in the Indian market” and lead to lowering of prices for domestic consumers. People in India are paying 11.5% more for rice than a year ago, according to its ministry of consumer affairs, food and public distribution. International sales of Indian rice soared by 35% in the year to June, contributing to a 3% rise in domestic prices over the past month alone. While the ban does not apply to higher-grade basmati rice – India’s best-known variety – non-basmati white rice accounts for about 25% of exports. India is the world’s largest rice exporter, accounting for more than 40% of global shipments.
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