The Food and Agriculture Organization (FAO) reported that global rice prices surged to their highest point in 15 years during the month of August after India's decision to impose restrictions on overseas sales of rice, AFP reported.

While global food prices experienced a slight decline in August, rice prices defied the trend, rising by 9.8% compared to the previous month. The FAO noted that this rise was directly linked to the disruptions in the rice trade caused by India's ban on exports of Indica white rice.

"Uncertainty surrounding the duration of the export ban and concerns regarding potential export restrictions prompted supply-chain participants to hoard stocks, renegotiate contracts, or suspend price offers. Consequently, international rice trade was mostly limited to smaller volumes and previously agreed-upon transactions," the FAO stated in their monthly report. 

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India, the world's largest rice exporter, prohibited imports of non-basmati white rice in Late July in order to keep local prices stable ahead of the general election in early 2024.

Rice is essential for almost half the worldwide population, with Asia using around 90% of the global supply. Based on expectations that the return of El Nino may harm crops, prices have drastically increased in the last two years.

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