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Rice price hike fears as India, SA's second biggest supplier, considers banning most exports | Business

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India, the world’s biggest rice shipper, is considering banning exports of most rice varieties, a move that may send already lofty global prices of the food staple higher as the disruptive El Niño weather pattern returns. | News24_Business

Representatives for the food, trade and finance ministries didn’t respond to emails or text messages seeking comment.

Importers such as Indonesia, China and the Philippines have been aggressively stockpiling rice this year. conditions have developed in the tropical Pacific for the first time in seven years, according to the World Meteorological Organization, threatening to bring drought to many rice-growing regions. A potential ban by India will add to worries over supply.

India’s plan comes after its consumer price inflation quickened in June, mainly due to higher food prices. Bloomberg Economics expects inflation to rebound further with the latest surge in prices — a key ingredient in Indian cuisine — and an increase in the government’s support price for monsoon-sown crops.In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed.

 

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