{"id":6472,"date":"2023-08-10T10:20:45","date_gmt":"2023-08-10T10:20:45","guid":{"rendered":"https:\/\/ricenewstoday.com\/dev\/?p=6472"},"modified":"2023-08-10T10:20:46","modified_gmt":"2023-08-10T10:20:46","slug":"soaring-rice-prices-stretch-budgets-for-billions-in-asia-africa","status":"publish","type":"post","link":"https:\/\/ricenewstoday.com\/dev\/soaring-rice-prices-stretch-budgets-for-billions-in-asia-africa\/","title":{"rendered":"Soaring rice prices stretch budgets for billions in Asia, Africa"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"768\" height=\"512\" src=\"https:\/\/ricenewstoday.com\/dev\/wp-content\/uploads\/2023\/08\/image-58.png\" alt=\"\" class=\"wp-image-6474\" srcset=\"https:\/\/ricenewstoday.com\/dev\/wp-content\/uploads\/2023\/08\/image-58.png 768w, https:\/\/ricenewstoday.com\/dev\/wp-content\/uploads\/2023\/08\/image-58-600x400.png 600w, https:\/\/ricenewstoday.com\/dev\/wp-content\/uploads\/2023\/08\/image-58-300x200.png 300w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/figure>\n\n\n\n<p><strong>1 of 3 |\u00a0<\/strong>A surge in rice prices to the highest level in almost 15 years is renewing fears that food costs are going to get a lot more expensive for the world\u2019s poorest people. (Prashanth Vishwanathan \/ Bloomberg)<\/p>\n\n\n\n<p>A surge in rice prices to the highest level in almost 15 years is renewing fears that food costs are going to get a lot more expensive for the world\u2019s poorest people.<\/p>\n\n\n\n<p>The grain is vital to the diets of billions in Asia and Africa. Rice contributes as much as 60% of total calorie intake for people in parts of Southeast Asia and Africa, and 70% in countries like Bangladesh.&nbsp;<\/p>\n\n\n\n<p>The latest price jump increases stress on global food markets already roiled by extreme weather and the escalating conflict in Ukraine. Thai white rice 5% broken, an Asian benchmark, climbed to $648 a ton this week as dry weather threatens Thailand\u2019s crop, and after top shipper India \u2014 which accounts for 40% of the world\u2019s trade \u2014 ramped up export curbs to protect its local market.<\/p>\n\n\n\n<p>\u201cHigher rice prices will contribute to food inflation, particularly for poor households in the major rice-consuming nations of Asia,\u201d according to Joseph Glauber, a senior fellow at the International Food Policy Research Institute in Washington, D.C. \u201cCountries often follow suit when one country imposes export bans. The world\u2019s poor are the biggest losers.\u201d<\/p>\n\n\n\n<p>Mounting concerns over a tighter global supply are amplifying risks of a fresh wave of trade protectionism as governments look to ensure ample food reserves. The return of the El Ni\u00f1o weather pattern, which could dry up water-dependent rice crops in Asia, is exacerbating those fears.\u00a0<\/p>\n\n\n\n<p>\u201cRice is a more valuable commodity than before El Ni\u00f1o started up and Russia escalated its attacks on Ukraine\u2019s wheat and corn exports,\u201d said Peter Timmer, professor emeritus at Harvard University, who\u2019s studied food security for decades. Prices could climb a further $100 a ton in six to 12 months, he said.&nbsp;<\/p>\n\n\n\n<p>\u201cThe big question is whether the price rise will be gradual, giving consumers time to adjust without panic, or whether there will be a rapid spike to $1,000 a ton or higher,\u201d said Timmer, who worked with Asian governments on their policy response during the 2008 food crisis. That was when rice soared above those levels after export bans by major producers, notably India and Vietnam.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><\/h3>\n\n\n\n<p>Most of the world\u2019s rice is grown and consumed in Asia, where farmers are already grappling with heat waves and drought. Thailand, the world\u2019s second-biggest shipper, is encouraging farmers to switch to crops that need less water, while farmers in Indonesia\u2019s top rice-producing regions are planting corn and cabbages in anticipation of drought.<\/p>\n\n\n\n<p>The biggest risk will be whether El Ni\u00f1o and climate change will disrupt agricultural production and drive overall food inflation higher, said Chua Hak Bin, a senior economist at Maybank Investment Banking Group in Singapore.<\/p>\n\n\n\n<p>\u201cThis could trigger more protectionist policies, including export controls, which could exacerbate global food shortages and price pressures\u201d he said. \u201cEmerging market economies are more vulnerable to such food price shocks given the larger food weights in the consumer basket.\u201d<\/p>\n\n\n\n<p>Still, strict government-enforced price controls as well as food subsidies in many consuming countries could help keep a lid on inflation. The current episode looks \u201crelatively tame\u201d compared with 2008, Chua said.&nbsp;<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>1 of 3 |\u00a0A surge in rice prices to the highest level in almost 15 years is renewing fears that food costs are going to get a lot more expensive for the world\u2019s poorest people. (Prashanth Vishwanathan \/ Bloomberg) A surge in rice prices to the highest level in almost 15 years is renewing fears [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6474,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[176],"tags":[46],"class_list":["post-6472","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-asian-rice"],"acf":{"enable_premium_overlay":false},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Soaring rice prices stretch budgets for billions in Asia, Africa - Rice News Today<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Soaring rice prices stretch budgets for billions in Asia, Africa - Rice News Today\" \/>\n<meta property=\"og:description\" content=\"1 of 3 |\u00a0A surge in rice prices to the highest level in almost 15 years is renewing fears that food costs are going to get a lot more expensive for the world\u2019s poorest people. 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