Global food prices are soaring. Rice could be next (CNBC New)
CNBC News published an article stating that food prices have been on the rise in the past few months. And rice, a staple food in much of Asia, could be next to see higher prices, industry watchers said. The prices of many foods, ranging from wheat and other grains to meat and oils, have shot up. That’s been driven by a slew of factors, including the rising cost of fertilizer and energy in the past year as well as the Russia-Ukraine war. Russia’s war on Ukraine has driven up wheat prices. Both countries are major exporters of wheat, and Russia’s invasion has disrupted farming and blocked grain exports from the country. Wheat prices have soared more than 50 percent since a year ago. “Right now, I will be much more worried by India slapping an export ban on rice in the coming weeks — as they were thinking about after wheat and sugar,” David Laborde, senior research fellow. Republished in The Chestnut Post, Newsroom Guyana, The Hill