Recent disruptions in rice production and trade, compounded by adverse weather conditions, have led to a surge in global rice prices, impacting food security and economic stability across Asia and the Pacific. Rice holds immense significance as a staple food, constituting up to 70% of daily caloric intake in many Asian countries. However, according to the Asian Development Outlook April 2024, rice prices have soared to levels not seen since the 2008 global financial crisis, with a staggering 38% increase from December 2022 to December 2023. This surge is attributed to a combination of factors, including export restrictions by major producers like India, weather-related disruptions to production, and concerns over the potential impacts of El Niño on agricultural yields. Addressing these challenges will require both short-term measures and long-term strategies to ensure a stable and affordable rice supply for millions of people who depend on it for sustenance.
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https://www.stabroeknews.com/2024/06/07/business/innovative-agricultural-practices-and-international-collaboration-can-stabilize-rice-prices/
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