After India imposed restrictions on its export, rice prices hit 15-‎year high ‎

Rice prices in August reached their highest levels in the world in 15 years, rising by 9.8%, after export restrictions imposed by India.‎

According to the Food and Agriculture Organization of the United Nations (FAO), global food prices as a whole recorded a slight decline last month, affected by the decline in the prices of grains, vegetable oils and milk derivatives.

The FAO explained in its monthly report that rice prices rose by 9.8% compared to July, “reflecting the unrest recorded after India banned white rice exports.”

It added, “The uncertainty surrounding the duration of the ban and fears of export restrictions have prompted the main actors in the supply chain to maintain their stocks and renegotiate contracts or stop submitting price offers, restricting trade to small quantities and to previously agreed upon sales contracts.”