Rice in focus: Asia’s top staple sees renewed demand and applicability amid skyrocketing wheat prices
Published on: October 11, 2022.
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Cost of rising rice demand
However, as rice demands increase, so do prices. Increased rice use is also leading to unintended consequences, as countries like Liberia are experiencing a rice shortage, issuing a timely warning to international authorities.
Rice prices climb
The UN FAO signals that rice prices rose this September to an 18-month high, as international prices jumped in parallel at the same rate – a 2.2% monthly acceleration.
However, according to FAO, wheat prices continue to be substantially more affected by inflation, being over 50% higher than a year ago, compared to rice which is 12.36% higher than in September 2021.
The rise in wheat prices is due to the “heightened uncertainty about the Black Sea Grain Initiative’s continuation beyond November and the potential impact on Ukraine’s exports,” explains FAO
