Mizy Clifton

Global rice prices fell the most in 16 years after India — the world’s biggest producer — lifted some export restrictions, alleviating fears of worsening global food insecurity.

The decision was driven by better-than-expected harvests, and spurred rice exporters in Pakistan, Myanmar, Thailand, and Vietnam to slash prices to compete with the huge additional supply.

Food prices have begun to fall from their peaks following Russia’s 2022 invasion of Ukraine: The UN Food and Agriculture Organization’s food price index is about 25% lower than in March of that year.

Published Date: October 3, 2024