Global rice price index surges to over 12-year highs

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The price of rice increased by 2.8%, according to the UN food organization, reaching its highest point in nearly 12 years in July.

Rising demand and export restrictions implemented by India in major rice-exporting countries were the causes of this surge.

The All Rice Price Index of the Food and Agriculture Organization (FAO), which tracks prices in significant exporting nations, averaged 129.7 points in comparison to 126.2 points in the previous month.

The score for July was the highest since September 2011, and it was about 20% higher than the same period the previous year, demonstrating the persistent difficulties facing the world rice market.

The agency’s global food price index increased in July after hitting two-year lows.

India, which exports 40% of the world’s rice, halted its biggest rice export category last month in an attempt to cool domestic prices, which had reached multi-year highs as unpredictable weather threatens supply.

Among the top exporters of rice are Pakistan, India, Thailand, Vietnam, Cambodia, and Thailand. The staple is mostly imported from China, the Philippines, Benin, Senegal, Nigeria, and Malaysia.