Rice prices hit 11-year high as Indian export ban fuels supply fears

Once-stable rice joins expensive wheat in growing risk of 'agflation' and hunger

An Indian farmer carries rice saplings in her field. India banned exports of non-basmati white rice on July 20. © Reuters

MISA HAMA and HAYATO SAWA, Nikkei staff writers

August 4, 2023 02:13 JST

TOKYO -- International prices for rice and wheat have spiked to rare highs in recent weeks, driven by India's ban on most rice exports and Russia's ongoing war in Ukraine.

Bangkok rice traded at $607.50 a tonne on July 27, with the benchmark jumping by $62.50 in the week since India announced a ban on exports of non-basmati white rice July 20. Bangkok rice hit its highest price since May 2012.