Food And Beverage
Food prices have been increasing in the past several months. And rice, the primary food for much of Asia, could be the next, industry experts said.
The prices of several foods, ranging from wheat, barley, and other grains to oils and meat, have jumped. That’s been driven by a slew of factors, including the rising cost of fertilizer and energy in the past year and Russia’s invasion of Ukraine.
Food export bans or severe disruptions have included those from Indonesia (palm oil), India (wheat), and Ukraine (oats, wheat, and sugar, among others).
Rice could be next. According to the latest data, the United Nations’ Food and Agriculture Organization (UNFAO) Food Price Index shows international rice prices sneaking up for the fifth straight month to reach a 12-month high.
To be sure, rice production is still generous, experts said. But rising wheat prices, and the usually higher farming costs, would make rice prices worth monitoring.
Russia’s invasion of Ukraine has driven up wheat prices. Both nations are significant exporters of wheat, and Russia’s invasion has disrupted farming and agriculture and blocked grain exports from the nation. The price of wheat has increased by over 50% since a year ago.