TOKYO -- Inflation continues to simmer in many Asian countries largely due to higher prices of rice and other food items. Increases in food prices account for 50% to 70% of inflation in the Philippines and India.
Prices of rice, a regional staple, have soared due to poor harvests caused by extreme weather. Prices are unlikely to come down soon, as many rice exporters have grown reluctant to sell it abroad, giving priority to domestic demand. Concerns are mounting about a possible recurrence of the food crisis in the late 2000s.
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