Global rice prices rise again Thai white rice prices hit 15-year high

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AHMEDABAD: Rice prices have touched a 15-year high amid expectations of increased demand and tight supply. Paddy production may remain low due to the effect of El Niño. Rice is one of the most widely consumed grains in Asian and African countries. Thai white rice prices rose 2.5 percent to $650 a tonne on December 20. This variety of rice is considered the benchmark for rice in Asia.

The Rice Exporters Association says that the price of Thai white rice has reached this level for the first time since 2008. On the other hand, dry weather is likely to affect rice production in Thailand. In August this year, India, the world's largest exporter, imposed a ban on rice exports, which led to an increase in rice prices in the international market.

Although rice prices softened in September and October after a spike in August, prices started to rise again in November and may now have an impact on inflation.

Inflation may rise, especially in countries with high consumption of rice, such as the Philippines. The government in India is concerned about rising food prices. Lok Sabha elections are going to be held next year. In such a situation, the government is making all possible efforts to stop the increase in food prices.

In the last two years, the price of rice has increased by 12 percent annually. Due to El Nino, rice production in Asia may fall by about 6 percent in 2023-24.

On the one hand, the price of rice is increasing, on the other hand, the prices of wheat and maize are decreasing. In the last one year, the price of Thai white rice has increased by 36 percent. On the other hand, wheat futures prices in Chicago have fallen by 20 percent. Wheat futures fell for the first time in seven years. Corn futures have fallen by nearly 30 percent this year.

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