India’s ban on rice exports and unfavorable weather conditions have led to a significant increase in rice prices, reaching their highest level in nearly 12 years, according to the United Nations’ food agency.
The All Rice Price Index for July, published by the Food and Agriculture Organization (FAO), experienced a 2.8% surge, reaching 129.7 points.
This marks a 19.7% rise from the previous year and represents the highest value since September 2011, as per FAO data. Notably, the most substantial price hikes originated in Thailand.
The report highlighted concerns regarding potential El Nino-related impacts on production among various suppliers. Additionally, interruptions caused by heavy rains and quality fluctuations during Vietnam’s ongoing summer-autumn harvest contributed to the upward pressure on prices, the report added.
